Machakos: Shelter Afrique, a Pan-African Housing Finance Institution, has announced a significant collaboration with the Islamic Development Bank Institute (IsDBI) during the sidelines of COP28. This partnership is focused on developing Islamic Housing Finance Products, aiming to meet the growing demand for affordable and climate adaptive housing solutions across Africa.
According to Kenya News Agency, Shelter Afrique has identified a notable gap in the availability of diverse financial products suitable for the scale of Africa’s housing challenges. Recognizing the potential of Islamic finance as an alternative financing model, the institution has partnered with IsDBI to create products aligned with responsible investing principles.
Mr. Thierno Habib-Hann, Managing Director (MD) of Shelter-Afrique, highlighted the strategic importance of this initiative. “We are excited to work with IsDBI, especially in leveraging rent-to-own schemes, a natural fit for Islamic finance, to address the significant housing gap in Africa. This collaboration also aligns with our commitment to focus on green financing and Islamic finance,” he stated.
Shelter Afrique’s efforts to diversify its product offerings reflect its commitment to meeting the varied needs of its clients and fulfilling its mandate to provide affordable housing throughout Africa. The collaboration with IsDB, known for its impactful initiatives, positions Shelter Afrique to lead in developing and delivering unique financial structures for housing infrastructure across the continent.
Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, commented on the partnership, emphasizing its role in promoting inclusive and sustainable housing solutions. “This partnership is a part of our collective effort to offer housing solutions through Islamic finance, which we believe can significantly contribute to Africa’s socio-economic development,” he said.
The Technical Assistance provided by IsDBI will equip Shelter Afrique with essential tools to navigate the evolving landscape of affordable housing and urban development in Africa, fostering positive change and contributing to the continent’s development.