Islamic Finance News

Uganda: Islamic Banking Starts in October, Says Finance


 | Source: The Monitor; All Africa

The Ministry of Finance has said the framework for the implementation of Islamic banking in the country has been developed and will be operational in October.

Soon an Islamic Finance Bank for UEMOA


 | Source: Financial Afrik

The West African Economic and Monetary Union (UEMOA) will soon have its first Islamic bank, according to statements by the president and CEO of the African Institute of Islamic Finance (AIIF), Senegalese Mohamed Lamine Mbacké.

Nigeria: DMO Lists N100bn Sovereign Sukuk On NSE, FMDQ


 | Source: Vanguard; All Africa

The Debt Management Office, DMO, yesterday listed the N100 billion sovereign sukuk bonds, simultaneously on the Nigerian Stock Exchange, NSE and the FMDQ Securities Exchange Plc.

Sudan to issue a $1 bln Sukuk, in 2018


 | Source: Ecofin Agency

The Sudanese government recently announced it would issue sukuk bonds worth $1 billion. The amount raised from the issuance of these international Islamic bonds will be used to fund the State budget.

Kenya: Gulf [African Bank] Starts Paperless Banking


 | Source: Daily Nation; All Africa

Islamic lender Gulf African Bank has started paperless banking as it pushes to cut operational costs.

West Africa wants to capture the market of 4000 billion dollars of Islamic finance


 | Source: Financial Afrik

Currently valued at 4000 billion dollars, the global market for Islamic finance arouses a strong desire of West African countries that weigh only 5% of the volume of transactions.

Tanzania: Experts Welcome Proposed New Insurance Products in Market


 | Source: Tanzania Daily News; All Africa

Insurance experts have welcomed Tanzania Insurance Regulatory Authority's (TIRA) plan to extend insurance service scope in the country, saying the move will augment industrialisation drive.

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.

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