Category: Banking & Fianace

CIBAFI Releases GIBS 2025 Report, Showcasing Emerging AI and Data Trends in the Islamic Finance Sector

Mr Mohammed

The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions,has successfully held a webinar titled “AI and Data Survey (GIBS) 2025 Report,an official statement issued in Manama,Bahrain,Wednesday, has  disclosed. This edition of the GIBS Report explores the expanding role of artificial intelligence (AI) and data analytics in transforming Islamic banking operations, service delivery, and risk management. It captures insights from 105 executives across 29 countries, providing valuable regional perspectives and industry benchmarks. The webinar opened with remarks from Dr. Abdelilah Belatik, Secretary General of…

UNAOC Invites Youth-led Organizations to Apply for the 11th edition of the Youth Solidarity Fund

Mr Mohammed

Become part of a network of young change-makers who are promoting peaceful and inclusive societies within their communities. The United Nations Alliance of Civilizations (UNAOC) invites youth-led organizations from eligible countries to apply for the 11th edition of the Youth Solidarity Fund (YSF). YSF supports projects that promote peace and social inclusion by enhancing mutual understanding, respect, and collaboration across borders, cultures, faiths, and beliefs. YSF provides seed funding of up to USD 25,000 to implement impactful youth-led projects that advance intercultural and interfaith dialogue, and are aligned with the mandate and mission…

Mr Mohammed

ACCRA, Ghana, May 28, 2025/ — The Mining in Motion Summit (MininginMotionSummit.com) is pleased to announce the participation of Hon. Ibrahim Murtala Muhammed, Ghana’s Minister for Environment, Science, Technology and Innovation, as a speaker. Hon. Muhammed’s involvement underscores the government’s commitment to environmentally responsible mining, technological innovation and scientific advancement in the extractive sector. As the head of the ministry leading innovation and sustainability, Hon. Muhammed is spearheading initiatives to align mining operations with national development goals and environmental stewardship. His efforts include forging partnerships with global public and private stakeholders to implement science-based solutions and…

Development of Islamic banking in Russia possible through a dual banking system — ministry

Mr Mohammed

“It comes to the parallel functioning of the traditional and Islamic banking sectors, as has already been implemented in Malaysia, Kazakhstan, and Azerbaijan,” Deputy Economic Development Minister Dmitry Volvach said MINERALNYE VODY /Stavropol Region/, May 27. /TASS/. Further development of the experiment on the introduction of partnership financing, aka Islamic banking, is possible through the creation of a dual banking system in Russia, Deputy Economic Development Minister Dmitry Volvach said at the Caucasus Investment Forum (CIF). “One of the possible ways for further development [of partnership financing] is seen in…

Afreximbank and Zep-Re launch the Trans-Africa Bond Alliance (TABA)

Mr Mohammed

The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and Zep-Re (PTA Reinsurance Company) have  launched the Trans-Africa Bond Alliance (TABA), a transformative initiative, designed to bridge the insurance capacity gap and empower African contractors to secure more construction and procurement projects while boosting cross-border trade and enhancing the movement of goods and investment across Africa,said an official statement issued in Nairobi,Friday. By providing robust transit guarantee mechanisms, the joint venture between Afreximbank and Zep-Re is expected to reduce trade barriers, lower costs, and improve efficiency in the movement of goods across Africa.…

Africa Energy Bank Gears Up for H1 2025 Launch

Mr Mohammed

BRAZZAVILLE, Congo (Republic of the), March 27, 2025/ — Ahead of its H1 2025 launch, the Africa Energy Bank – developed jointly by Afreximbank and the African Petroleum Producers Organization (APPO) – is positioning itself to tackle major challenges in financing, technology and market reliability to accelerate Africa’s oil and gas sector development. Speaking at the Congo Energy & Investment Forum in Brazzaville, Dr. Omar Farouk Ibrahim, Secretary General of APPO, reaffirmed the launch timeframe and underscored the urgency of establishing the bank to address the continent’s energy needs. “We…

Commitment to Supporting Integrity and Growth of the Islamic Financial Services Industry

Mr Mohammed

By: Mohammed A.Abu The General Council for Islamic Banks and Financial Institutions (CIBAFI) submitted its comments to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on the Exposure Drafts (EDs) on “Auditing Requirements for Assessing Compliance with Shariah Principles and Rules” and “Principles of Assessment of the Necessity for Obtaining Conventional Reinsurance by Takaful Institutions.” Representing the collective perspective of its membership from more than 30 jurisdictions, CIBAFI’s submission highlights several areas requiring further clarification and enhancement in both drafts. For the Shariah compliance auditing framework, CIBAFI emphasized…

Piloting Cedi-Naira Currency Swaps Fintech Solutions

Mr Mohammed

By: Mohammed A. Abu Ghana’s Central Bank (Bank of Ghana) has denied some earlier local media publications that it had licensed MTN Ghana to conduct cross-border transactions with MTN Nigeria. The bank under its Sandbox programme to study emerging Fintech innovations, has rather approved Brij Fintech Ghana, a licensed Payment Service Provider(PSP) to conduct a limited testing of BrijX-a B2B Currency Swap Platform,it said in a Public announcement in Accra,Thursday. The platform the Bank said, is built to act as a digital marketplace that collaborates with banks, mobile money operators…

African Leaders Unite to Mobilize African Investment and Financing for Implementing Agenda 2063

Mr Mohammed

ADDIS ABABA, Ethiopia, February 27, 2025/ — On the sidelines of the 38th Ordinary Session of the Assembly of the African Union Summit in Addis Ababa, Ethiopia, African Heads of State, Government and Business Leaders convened for a Presidential Breakfast Dialogue to address the continent’s financing and investment gaps. The event was held under the theme “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063”. The dialogue, which was hosted by His Excellency John Dramani Mahama, President of the Republic of Ghana and Champion on African Union Financial…

Africa Finance Corporation and the Export-Import Bank of China (CEXIM) Strengthen Partnership to Drive Trade and Infrastructure Growth Across Africa

Mr Mohammed

BEIJING, China, February 14, 2025/ — Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa. The agreement builds upon an existing relationship between the two institutions, dating back to 2018, and reinforces a shared commitment to accelerating economic development through sustainable investments. To date, AFC has secured a total of US$700 million in financing from CEXIM, including a US$300 million facility in 2018…