El Hadji Bara Diene is a member of Paris EUROPLACE’s Islamic Finance Commission. He has more than 15 years experience in conventional and Islamic finance.
Could you provide a brief journey of how you arrived where you are today?
I had an initial training in accounting and finance at the Training Institute in Administration and Creation of Company (IFACE) of the FASEG – University CA of Dakar and then at Montesquieu Bordeaux IV University. I studied theology and Islamic law in Senegal and at the Al Ghazali Institute of the Large Mosque of Paris.
On the professional front, I have more than 10 years experience working in companies, and accounting firms, which has enabled me to consolidate my knowledge in auditing, accounting, management consulting and management information systems.
My Islamic studies, particularly in Fiqh al Mu’âmalât, gave me the reason to embark on a career in Islamic finance.
I then joined Scacchi and Partners and worked at the Islamic finance section, where I was responsible for liaising with banks, financial institutions and insurance companies and also the Independent Committee of Islamic Finance in Europe (CIFIE). I am also a member of Paris EUROPLACE’s Islamic Finance Commission.
What does your role involve?
My role involves making Islamic finance operational in the African market through our company, CIFIA, with its own Shariah board and its business unit in consulting, real estate, training, funding, agriculture, microfinance and Takaful.
For Islamic finance to develop in Africa, we should not limit our activities. It is time to evolve into a concrete phase through the financing and implementation of development projects.
What is your greatest achievement to date?
My 15 years experience in conventional and Islamic finance through missions of accounting, legal and statutory audit, financial reporting under the International Financial Reporting Standards, project management, Shariah compliant certification of products are some of my achievements.
Which of your products/services deliver the best results?
We are planning to launch the first Masters degree in Islamic finance at the University of Dakar UCAD in collaboration with the Training Institute in Administration and Creation of Company, CIFIA Real Estate and CIFIA Agriculture for real estate and agricultural programs.
We also hope to organize the first edition of the International Exhibition on the Investment and the Islamic Financing (F2IFI) in Dakar in 2013.
What are the strengths of your business?
Our slogan, “The ethics of the development in the middle of a confidence relationship”, correctly translates our strategic vision and our managerial reality. Islamic finance is based on social justice values, active solidarity, respect for human dignity and environment saving. These values are ethics of economic, social and human development.
CIFIA incarnates these ethical values while putting itself in the middle of a confidence relationship; confidence in itself and mutual confidence towards its partners because confidence is a pledge of an alleviated climate of work and transparency, besides being a commercial value.
What are the factors contributing to the success of your company?
There are several factors contributing to the success of the company. The Islamic finance industry is estimated to have an annual average growth rate of more than 15%.
Most African countries have a predominantly Muslim population and hence the interest in Islamic finance. Our company’s business units have high demand from sectors like real estate, agriculture and teaching.
What are the obstacles faced in running your business today?
The obstacles include lack of human resources and funding of all our projects.
Where do you see the Islamic finance industry in the next five years?
The growth of the Islamic finance industry has been remarkable over the last three decades. The continued potential for growth of Islamic finance means that investors are increasingly looking to tap into the various opportunities it offers.
Name one thing you would like to see change in the world of Islamic finance.
There are challenges in the Islamic finance industry such as lack of regulations, tax and accounting standardization. We believe that these issues need to be addressed to bring Islamic to greater heights globally.