Permanent Secretary in the Vice-President's Office, Prof Faustine Kamuzora
FINANCIAL institutions have been challenged to invest in green finance for economic growth without harming the environment.
Green finance initiative is widely
discussed as a more sustainable and efficient energy sources in an era
of growing concerns over climate change.
Opening a two-day 4th African Islamic
Finance Summit in Dar es Salaam yesterday, the Permanent Secretary in
the Vice-President's Office, Prof Faustine Kamuzora said banks should
encourage its customers to invest in the green economy sector. “…the
bank should teach them the methods of energy production without harming
the environment," said Prof Kamuzora.
According to the Organisation for
Economic Co-operation and Development (OECD), green growth means
achieving economic growth while reducing pollution and greenhouse gas
emissions, minimising waste and improving efficiency in the use of
natural resources.
“Public budgets have traditionally been
an important source of green infrastructure financing. But given the
strains on public finances, large-scale private investment will be
needed for the transition towards a green economy,” OECD said on its
iLibrary.
The summit was organised by the Center
of Islamic Banking and Economic (CIBE) and sponsored by Amana Bank,
Financial Sector Deepening Trust (FSD), and the National Bank of
Commerce (NBC).
Tanzania Insurance Regulatory Authority
(TIRA) Deputy Commissioner Mr Juma Makame has advised general public to
develop their economy through Islamic banking systems. "These banks are
operating in good system although are still facing some challenges like
isolation by the non-Islamic.
“The banks have helped in job creation
to the youth of Tanzania regardless their religions," Makame, who
officially opened the summit, said.
The summit involved participants from more than 10 African countries and it is the second time to hold in the Tanzania.
CIBE Chief Executive Officer Mr Muhammad
Zubair said the summit is aiming at addressing the challenges specific
to Africa for regulatory reform, development and open gates for foreign
investment. Mr Zubair emphasized that Islamic banking and finance is a
solution for all religions and it should be treated as a financial
product rather than a religious product.
The Amana Bank, Director, Mr Salum
Shamte said the great challenge Islamic Banks in the country is the
delayed adoption of the law for regulating Islamic Banking which hinders
the provision of other banking services to the customers.
"We are still waiting for the Bank of
Tanzania and the Ministry of Finance and Planning to pass the law of
controlling Islamic Banks in order us to improve our services and open
branches in other regions," he said.
No comments :
Post a Comment