Issued by: Media Fast
Shelter Afrique, the leading pan-African housing finance institution, announced a collaboration with the Islamic Development Bank Institute (IsDBI) on the sidelines of COP28. The partnership aims to develop Islamic housing finance products to meet the growing demand for affordable and climate-resilient housing solutions across the continent.
Shelter Afrique sought this collaboration with IsDBI to create tailored products in line with responsible investment principles. This partnership is timely as several African countries are making remarkable progress in developing their Islamic finance markets, which represent untapped growth opportunities.
Shelter Afrique has identified a gap in the availability of diversified financial products at scale. As a pan-African housing finance institution committed to innovation, Shelter Afrique sees the development of Islamic finance products as a viable alternative financing model to effectively address Africa’s housing and urban development challenges.
“We are delighted to be working closely with IsDBI on this initiative. Rent to own schemes are a natural product for Islamic finance and will therefore be used to address the large housing gap. In addition, this collaboration is in line with our commitment to a dedicated funding theme on Green Finance and Islamic Finance,” said Thierno Habib-Hann, managing director of Shelter Afrique.
Shelter Afrique’s continuous efforts to enhance its product offering underscore its commitment to meeting the diverse needs of its clients and fulfilling its mandate to provide affordable housing for all in Africa. The collaboration with the IsDB, a multilateral development bank known for its impactful initiatives in its member countries, positions Shelter Afrique to pioneer the development and delivery of unique financial offerings and structures for housing infrastructure across the continent.
Dr Sami Al-Suwailem, acting director general of the Islamic Development Bank Institute, said the partnership is part of joint efforts to promote inclusive and sustainable housing solutions through Islamic finance.
“The technical assistance provided by IsDBI aims to equip Shelter Afrique with the necessary tools to navigate the evolving landscape of affordable housing and urban development in Africa. We believe that through strategic collaborations such as this, we can drive positive change and contribute to the socio-economic development of the continent,” Dr Al-Suwailem added.
Shelter-Afrique operates through a partnership involving 44 African governments, the African Development Bank, and the Africa Reinsurance Corporation. The bank provides financial solutions and related services that support the supply and demand aspects of the affordable housing value chain through financial institutions, project finance and public-private partnerships, aiming to achieve sustainable development impact.
The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic progress of IsDB member countries and diverse Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research and original economic analysis, human capital development, and knowledge creation, dissemination and management. The Institute also leads initiatives to enable Islamic financial ecosystems, ultimately helping member countries achieve their development goals.
