Islamic Finance |

ICD Board of Directors names Al Ammari as Acting CEO & General Manager following departure of Al Aboodi

Jeddah, 12 Feb 2018 – The Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD) named Mr. Mohammed Al Ammari as Acting CEO & General Manager, succeeding Mr. Khaled Al Aboodi, who has recently been appointed to lead the government-owned Saudi Agricultural and Livestock Investment Company (SALIC). “I am deeply honored to have served as ICD CEO & General Manager working with talented and dedicated staff to fulfill…

INTO AFRICA November 2017 Edition: Islamic Finance: Africa’s New Momentum

Posted on by The Editorial Team

Welcome to the November 2017 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. As the global business environment adapts to the new normal and the implications of a post-oil economy, Africa continues to be an increasingly important component of global growth. In particular, the expansion of Islamic ﬁnance in Africa is providing new growth opportunities and propelling faster trade and economic growth in the continent. Against this dynamic backdrop,…

Nigeria States Seen Issuing Sukuk Bonds Next Year

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Some Nigerian states are working toward issuing sukuk bonds within a year as more investors are attracted to Islamic finance in Africa’s biggest oil-producing country, transaction advisers say. Nigeria’s federal government has put 100 billion naira ($282 million) in sukuk bonds on sale at 16.47 percent from Sept. 14 to Sept. 20 in its first ever such offering. The proceeds of the sale would be used for road construction…

With Sukuk & Innovation Driving New Growth Momentum, the Prospects for Islamic Finance in Africa Look Increasingly Promising

Posted on by The Editorial Team

Despite being in the early phases of development, the Islamic finance industry in Africa is fast gaining the attention of key stakeholders including central banks & regulatory authorities, as well as the leading international Islamic financial institutions and investors seeking to tap into high-growth opportunities on the continent Wednesday 9th August 2017, DJIBOUTI: The footprint of Islamic banking in Africa is set to expand further as the continent seeks to deliver on the economic and…

Africa Finance Corporation carries out $150 million Sukuk on Nasdaq Dubai

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC) has carried out a 150 million US dollar Islamic financing transaction on the Murabahah platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa. The transaction was executed to facilitate the issuance by AFC of a 150 million US dollar Sukuk, which was the first US dollar Sukuk to be issued by any multilateral African institution. It was also the first…

Nigeria Central Bank set limits on banks’ investment in govt Islamic bonds

Posted on by The Editorial Team

LAGOS ((Capital Markets in Africa)) – Nigeria’s central bank has set commercial banks’ investment in Islamic bonds issued by state governments to 10 percent of the total amount on offer and fixed a maximum tenor of 10 years for the bonds, it said in a circular. The central bank said it considered the need to issue the guidelines to enhance the quality of sukuk instruments and to grant liquidity status at its discount window as well…

African sovereign trio add to growing appeal for sukuk

Posted on by The Editorial Team

DAKAR (Capital Markets in Africa) – Senegal has upsized its second sale of sovereign sukuk, with Ivory Coast and Togo expected to close their own deals in coming days, as Islamic finance gains traction as an alternative funding option for African sovereigns. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa although it could be an important growth driver for the industry as it is home to a…

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