The Prime Minister of Senegal, Amadou Bâ, who presided over the official opening of the 8th International Forum on Islamic Finance in West Africa, which is being held in Dakar until 13th June, said on Monday that Islamic finance offered opportunities for financing renewable energy projects and energy infrastructure in the countries of the sub-region.
Speaking at the meeting, which was attended by delegations from Saudi Arabia and Qatar, Mr. Bâ said that Islamic finance also made it possible to mobilize resources in line with Islamic Sharia law to support the sustainable development of the energy sector in the sub-region.
Similarly, the Prime Minister stressed that “Islamic finance can be used to develop renewable energy projects such as solar, wind, hydro and biomass”, adding that it can support energy efficiency initiatives and help reduce energy consumption and greenhouse gas emissions.
About the case of West African countries, which are rich in natural resources such as oil and gas, the Prime Minister suggested that these countries could benefit from Islamic financing for energy exploration and production, adding that Islamic financing contracts, such as “Mudaraba” and “Musharaka”, can be used to share risks and benefits between investors and energy companies.
Mr. Bâ also stressed that Islamic finance represents an opportunity to promote sustainable economic and social development, reduce poverty, strengthen the resilience of communities, and guarantee food sovereignty.
This forum is organized by the African Institute of Islamic Finance, in agreement with the Islamic Development Bank Group, on the theme: “Islamic financing opportunities for the energy sector and food sovereignty in West Africa”.