Islamic Finance News

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.

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.

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