Overview

EVENT:

ISLAMIC FINANCE AS AN ALTERNATIVE SOURCE OF FUNDING HEALTHCARE INFRASTRUCTURE IN AFRICA.

THEME: 

 TRANSFORMING HEALTHCARE INFRASTRUCTURE TO ACHIEVE UNIVERSAL HEALTH COVERAGE AND SUSTAINABLE DEVELOPMENT GOALS.

 

OVERVIEW

The economic well-being of a nation is emphatically dependent on the health and well-being of its nationals. Health, therefore, is a supplement to the socio-economic development indicators of a nation. Across the globe the health sector occupies a larger share of government concern and responsibilities. To achieve the overall goal of guaranteeing sufficient levels of health and wellness in a nation, a constructive health ecosystem is essential.

Accordingly, many countries have identified Universal Health Coverage (UHC) as the goal for their health systems, and Healthcare infrastructure is at the core of the strategy to achieving this. The World Health Organization (WHO) defines Universal Health Coverage (UHC) as the desired performance of a successful healthcare system, whereby all people are provided with access to needed health services (including prevention, promotion, treatment, rehabilitation and palliation) of sufficient quality to be effective without causing financial hardship. Healthcare infrastructure, both the supply and demand sides, is thus an important component of a well-functioning healthcare system.

While the public sector has traditionally provided healthcare infrastructure financing and investments in Africa, its role in filling the gaps has in recent years become increasingly constrained as Governments at all levels in the continent increasingly face budget constraints and deficits amidst global economic slowdown.

However, the question on how to raise the necessary funds, how to maintain financial risk protection and how to ensure efficient use to support strategies for revitalizing healthcare in Africa remains unclear for many African countries. What is however clear is that for health financing interventions to be scalable, sustainable and resilient for future generations, infrastructure has to be upgraded targeting both the supply – and demand-side of healthcare system, must be cost recovering, value driven and services delivered in partnership with the private sector and catalytic investments.

Over the past two decades, Islamic finance has emerged as one of the important sources of finance for a wide variety of infrastructure projects, through public sector investments and PPP schemes. Amidst the dearth of conventional infrastructure financing, Islamic finance, with its asset backed structures and risk-sharing features, partnership-based and equity-focused approaches, offers the prospect of widening the sources of financing and investments needed to meet the massive healthcare infrastructure investments in African countries.

VIRTUAL SUMMIT

As an organization committed to fostering the Islamic paradigm of economic development in Africa, the Africa Islamic Economic Foundation (AFRIEF), in collaboration with Glocal Healthcare Services Private Limited, is organizing a two-day Virtual Summit on September 28th – 29th, 2021 on a topic of growing relevance in recent years: Islamic Finance: an Alternative Source of Funding Healthcare Infrastructure in Africa.

The theme of the event is: Transforming Healthcare Infrastructure to Achieve Universal Health Coverage and Sustainable Development Goals.The goal of the Summit is to explore a realistic alternative approach to financing healthcare infrastructure in Africa. The event, therefore, provides a platform for leading Islamic finance and healthcare scholars and academics, key stakeholders, policymakers, researchers, students, investors, healthcare practitioners and other leaders of society from within Africa and beyond to present and discuss the most recent innovations, trends, as well as critically examine the purposes, theory, practice, structure, and institutions of the rapidly developing field of Islamic finance and how it can support the development of healthcare in Africa.

No doubt, given its emphasis on risk-sharing, linkages to real economic activities, partnership-based and equity-focused approaches, widened geographic reach and the rapid expansion of its global assets in Muslim and non-Muslim countries, Islamic finance possesses the unique potential to serve as a potent tool for mobilizing as yet untapped sources of liquidity to support strategies for revitalizing primary healthcare in Africa.

TOPICS TO BE DISCUSSED                

It is difficult to invite papers on a precise list of topics in a virtual Summit of this nature; it would be equally difficult to organize a program of systematic discussions without some written papers and presentations. Submissions are however, invited from a number of perspectives. The list below is an indication of the areas which topics of papers or presentations, empirical or theoretical can cover.

  • An Overview of Africa’s Healthcare Sector
  • Healthcare Infrastructure Development in Africa: an essential strategy to achieving Universal Health Coverage (UHC) and Sustainable Development Goals (SDGs).
  • Digitizing Healthcare: Opportunities for Africa
  • Re-imagining Health Economics in Africa: The Islamic Perspectives
  • The Global Islamic Finance Market.
  • The Infrastructure Challenge to Achieving Universal Health Coverage (UHC) and Sustainable Development Goals (SDGs)
  • Islamic Finance Structures for Healthcare Infrastructure Projects (Ijarah, Murabahah, Istisna’, Musharakah, Mudarabah, Sukuk,Takaful)
  • Islamic Social Finance Instruments (Zakat, Waqf, Qard Hassana and Sadaqa)
  • Public-Private Partnership (PPP) and Healthcare Infrastructure Development.
  • Islamic Financing of Healthcare Infrastructure in Africa: Opportunities and Challenges.
  • Case Studies
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