The Djibouti Forum: Gateway of Opportunities took place from 12th to 14th May 2024 at Ayla Hotel, Djibouti. Dr. Qalib Daqane, a director at Waafi Bank Ltd., talked about how the bank helps Djibouti achieve its Vision 2035. He highlighted the bank’s efforts to build international partnerships and support local projects in Djibouti.
Waafi Bank’s Strategic Presence in Asia Pacific
Waafi Bank aims to strengthen ties between Djibouti, Somalia, and the Asia Pacific region, especially Malaysia, Indonesia, Thailand, Singapore, and China. Salaam Group, led by CEO Br Mohamed Ahmad, thought that having a banking presence in Asia would support these relationships best. This idea led to the creation of Waafi Bank in Malaysia’s International Financial Centre (MIFC).
Waafi Bank was incorporated on 4th May 2020 and received its full banking licence from the Labuan Financial Services Authority on 4th January 2021. The bank began operations on 14th July 2022 and is key in connecting Asia with the Horn of Africa.
Making Trade Easier
One of Waafi Bank’s key focuses in increasing bilateral relationships is simplifying trade settlements between Asian exporters and importers from Djibouti and Somalia. This initiative has received positive feedback, with a significant increase in business volume. Importers from Djibouti and Somalia are encouraged to visit Waafi Bank’s Director’s office in Salaam Tower to see how the bank can efficiently assist their trade transactions.
Promoting Djibouti as an Investment Destination
To attract investments to Djibouti, Waafi Bank hosted the first trade delegation from Malaysia from 28th November to 2nd December 2023. The delegation included 15 companies and 33 delegates from halal pharmaceuticals, power generation, construction, and education sectors. Besides the formal programmes, the Malaysian delegation visited various economic centres in Djibouti and enjoyed the natural beauty of places like Lac ‘Assal, Moucha Island, and Arta.
During this visit, the Governor of the Central Bank of Djibouti, HE Mr. Ahmad Osman, signed an agreement with the Chartered Institute of Islamic Finance Professionals (CIIFP). This agreement allows Djibouti students and professionals in Banking and Takaful to earn qualifications in Islamic finance. This project between CIIFP and Salaam Centre is part of Salaam Group’s plans to grow Islamic Finance talent in Djibouti.
Individuals interested in obtaining formal Islamic finance qualifications may visit Salaam Centre for more information.
Supporting the First Djibouti Sovereign Wealth Fund Conference
Salaam Group fully supports Dr. Slim Feriani, CEO of the Sovereign Wealth Fund (SWF), to ensure a successful first conference. The Chairman of Waafi Bank from Malaysia also joined the Fireside Chat and Forum Roundtable to share Malaysia’s development experience.
Conclusion
Waafi Bank’s strategic initiatives are key in supporting Djibouti’s Vision 2035. By building international relationships, simplifying trade processes, and promoting investment opportunities, the bank is positioning Djibouti as a key player in the global economy. The recent Djibouti Forum: Gateway of Opportunities was an excellent platform to showcase these efforts and strengthen Djibouti’s economic ties with the world.
