Islamic Finance News

Kenya: Gulf African Bank and Safaricom to launch in 2018 Mobile Money based Islamic finance service


 | Source: Ecofin Agency

Gulf African Bank (GAB), Islamic bank operating in Kenya, and the leading local telecoms operator Safaricom, will launch by March 2018, M-sharia, a platform that will offer sharia-compliant services via mobile.

Ethiopia: Dashen Embarks On Interest-Free Banking Service


 | Source: Addis Fortune; All Africa

Following the finalisation of its headquarters, Dashen Bank is to embark on interest-free banking (IFB) services after getting approval from the National Bank of Ethiopia (NBE) on October 25, 2017.

Algeria: Three public banks to start offering Islamic finance services before the end of 2017


 | Source: Ecofin Agency

In Algeria, three public lending institutions, namely the Banque de l’agriculture et du développement Rural (BADR), the Caisse Nationale d’Epargne et de Prévoyance (CNEP) and the Banque de Développement Local (BDL) will start offering Islamic finance services before the end of the year.

Malawi Approves Islamic Banking, Sharia-Compliant Services


 | Source: Nyasa Times; All Africa

Malawi government has approved to embrace the Islamic banking system which doesn't demand any interest from the borrowers as is the case with non-Islamic banking systems.

Uganda: Islamic Banking Can Succeed in Largely Christian Society


 | Source: The Monitor; All Africa

High levels of economic activity in Uganda are favourable for investment in Islamic banking, since the products of such an investment tend to be on high demand when economic activity is high.

ITFC, ABI support private sector and SMEs in West Africa with €40 million


This is to support private sector and small and medium-sized enterprises in West Africa.

AFC carries Out $150m Sukuk Transaction On Nasdaq Dubai


This is the first US dollar Sukuk to be issued by an African multilateral institution

Morocco approves first set of Islamic banks


This is in response to growing demand for Islamic banking and products

Tunisia reports annual growth of 23% in Islamic banking products


A new report by the central bank highlights the progress of this method of financing.

Morocco to issue debut sukuk by 2017


The debut Islamic bonds will enhance participative banking in Morocco

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