Day: May 20, 2026

Uganda-Dangote Group join hands for East Africa’s Energy Security

Mr Mohammed

Ugandan President has expressed his support for the construction of a proposed regional oil refinery valued at USD17bn, aimed at strengthening industrialisation and energy security in East Africa (Ugandan government statement, 17/05/2026). According to the statement, the President made these remarks during a meeting with visiting Nigerian industrialist Aliko Dangote, the project’s proponent. He stated that the refinery would contribute to broader efforts to advance regional integration, value addition, and industrial development across Africa. The proposed refinery is estimated to cost between USD15bn and USD17bn, with a designed processing capacity of 650 kb/d of crude oil. The facility is intended to supply Uganda, Kenya, Tanzania, Ethiopia, South Sudan, the Democratic Republic…

Australia’s First-ever Islamic Bank Launch on Course

Mr Mohammed

Story: Mohammed A. Abu Islamic Money Australia Pty Ltd’s Chief Executive Officer, Dean Gillespie,promoters of the country’s first-ever fully fledged Islamic bank has assured potential customers in the country and potential investors worldwide that everything is still on course. In a February  official progress update,Mr.Gellespie assured, his company was  continuing to work on launching Australia’s first-ever Islamic bank and we are hoping to launch home finance soon in 2026.  We’re aiming to launch the full bank in 2027. Meeting the Minimum Capital Requirement  “We always knew when starting this business…

Russia To Expand Islamic Banking Services

Mr Mohammed

First Published,May 19, 2026 Russia is to expand a pilot Islamic banking program as demand for Sharia-compliant financial products continues to grow, according to the country’s largest lender, Sber. Islamic banking follows Sharia principles that prohibit interest-based lending and speculative transactions. Instead, it relies on mechanisms such as leasing, installment sales, profit-sharing arrangements, and asset-backed financing. It also restricts financing for sectors such as gambling, alcohol, tobacco, and weapons production. Russia launched the pilot initiative in 2023 in four predominantly Muslim regions, including the Republic of Tatarstan, and later extended…