The Editorial Team |

AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) carried out a rigorous process of testing the compliance of iMAL Islamic financial software and issued a certificate to confirm its compliance with AAOIFI’s Shari’ah and Financial Accounting standards. Mr. Omar Mustafa Ansari, Secretary General, AAOIFI, commented on the occassion, ‘AAOIFI, by virtue of its mission and role in the preparation of Shari’ah and financial accounting standards for the global Islamic finance industry, fully welcomes…

MUFG Expects Growth in Real GDP in 2020 in the MENA Region

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LAGOS (Capital Markets in Africa) – An MUFG MENA Economic report issued today expects a pick-up in MENA regional growth in 2020 despite heightened geopolitical tensions and weaker energy earnings. The bank’s research forecasts MENA real GDP growth of 2.7% in 2020, from a near-flat 0.1% in 2019, with Saudi Arabia continuing last year’s trend of being the regional outperformer. This performance will remain below the long-term equilibrium average level of 4.2%. According to the…

Orange opens its new Orange Middle East and Africa headquarters in Morocco

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CASABLANCA, Morocco, January 8, 2020/ — Today, Orange officially inaugurates the Orange Middle East and Africa operational head office in Morocco in the presence of Stéphane Richard, Chairman, and CEO of Orange; Alioune Ndiaye, CEO Orange Middle East, and Africa; the members of Orange’s Executive Committee and local officials. The new headquarters is located in Casablanca Finance City Tower (CFC) (http://bit.ly/2NkSTSv) in the heart of Casablanca. The building meets the most recent standards with international…

Africa’s continued growth depends on innovations in access to finance

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LAGOS (Capital Markets in Africa) – As the global economy undergoes rapid technological change, leaders worldwide are deeply worried about the future of jobs. The use of Artificial Intelligence (AI), machine learning, and robotics will spur automation across industries and could undermine job creation at a mass scale. But African countries face a particularly daunting challenge: within the next two decades, the continent will be home to nearly 1 billion working-age people entering the job market….

Carlyle Partner Tapped by Hedge Fund Industry to Run Lobby Group

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LAGOS (Capital Markets in Africa) – The hedge fund industry’s main trade association has hired a Carlyle Group Inc. partner to be its new president, as the investment firms look to bolster their lobbying presence ahead of what promises to be a turbulent political year. Bryan Corbett will join the Managed Funds Association on Jan. 21, the Washington-based group said on Wednesday. A Republican who worked at the White House and Treasury Department during the George W. Bush administration, Corbett…

Orange Said to Pick BNP, Morgan Stanley to Advise on Africa IPO

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JOHANNESBURG (Capital Markets in Africa) – Orange SA, France’s biggest phone company, picked BNP Paribas SA and Morgan Stanley to advise on a proposed initial public offering of its Middle East and Africa business, people familiar with the matter said. The banks are helping with preparations for the listing, though an underwriting syndicate hasn’t yet been formalized, the people said. Orange plans to invite more banks to join the deal at a later stage, according to the people, who…

Key Ramaphosa Ally Hinders Effort to Fix Power Supply Crisis

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JOHANNESBURG (Capital Markets in Africa) – South Africa has been hit by rolling power cuts less than a month after President Cyril Ramaphosa gave renewed assurances that energy constraints were being addressed, making his pledges ring hollow and highlighting his administration’s inability to tackle the crisis. While Eskom Holdings Ltd., the state utility that provides about 95% of the nation’s electricity and is overseen by Public Enterprises Pravin Gordhan, has borne the brunt of the blame for the…

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