The Editorial Team |

Kenyan Stocks Seen Rising as Much as 15% in First Half on Banks

NAIROBI (Capital Markets in Africa) – The removal of a cap on Kenyan bank-loan interest rates should help the sector spur gains of as much as 15% for the country’s stocks in the first half of 2019, according to local analysts. The November repeal of a law imposing a ceiling of four percentage points above the benchmark rate will allow banks to “price loans based on the credit risk of borrowers and thus benefit from…

Billionaire’s Letters to Congo’s Kabila Were Sought by U.K. SFO

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LAGOS (Capital Markets in Africa) – U.K. fraud prosecutors sought an Israeli billionaire’s correspondence with the former President of Democratic Republic of Congo Joseph Kabila as part of one of their largest bribery investigations, a lawyer for the Serious Fraud Office said at a London trial. SFO attorney Jonathan Hall described the request at the start of the two-day trial against Anna Machkevitch, 37, who’s accused of failing to produce the documents concerning her mining magnate father, Alexander….

World Bank Cuts South Africa GDP Forecast on Eskom Fears

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LAGOS (Capital Markets in Africa) – The World Bank is the first key institution to cut its economic growth forecast for South Africa to below 1% for 2020 due to electricity supply concerns. It now expects the economy to expand by 0.9% this year, the Washington-based lender said Wednesday in its Global Economic Prospects report. That compares with an estimate of 1% in its Africa Pulse report released in October and is well below government forecasts. Its outlook for Africa’s most-industrialized…

World Bank Disagrees With Ethiopia on 2020 Double-Digit Growth

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ADDIS ABABA (Capital Markets in Africa) – The World Bank cut its forecast for Ethiopia’s economic growth in the 2020 fiscal year to 6.3%, well below the government’s projection. The National Bank of Ethiopia has forecast that gross domestic product growth would accelerate to 10.8% for the fiscal year ending in July, up from a 9% pace in fiscal 2019 as the government implements a blueprint expected to boost investment. Economic reforms by Prime Minister Abiy…

Ziraat Participation Bank selects Path Solutions for strategic core banking implementation

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January 9, 2020 – Ziraat Participation Bank in Sudan, a unit affiliated to Ziraat Katilim Bankasi and Ziraat Finans Group, one of largest banking groups in Turkey operating on both Islamic and conventional platforms, has taken the big leap to implement Path Solutions’ multi-award winning iMAL Islamic core banking platform. The scope of work includes the implementation of a number of iMAL solutions including Murabaha, Musharaka, Mudaraba, Ijara, Istisnaa, Salam, Qard Hasan, time deposit, profit…

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

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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…

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