Category: Banking & Fianace

Combating Africa,3rd World Debt Burden

Mr Mohammed

Story: Mohammed A. Abu Mr. Sohaili Ahmed Zubairi, a globally renowned Islamic Banking and Finance(IBF) and Shariah Consultant, who is also a former Advisor to the Dubai Federal government on Islamic economy, has said that, the current age-old debt initiation system has completely failed. That is, in providing the economic relief to the people whose countries borrow money from development financial institutions (DFIs). This outdated method Mr. Sohail intimates, needs to be replaced by a disruptive approach with the help of technology which should work inversely than initiating debt and…

Brics+ countries are determined to trade in their own currencies – but can it work?

Mr Mohammed

By:Academic Journalist, Lauren Johnston Associate Professor, China Studies Centre, University of Sydney The Conversation ,First Published,26th November,2024 Photo(Brics Summit 2024) Brics+ countries are exploring how they can foster greater use of local currencies in their trade, instead of relying on a handful of major currencies, primarily the US dollar and the euro. The forum for cooperation among nine leading emerging economies – Brazil, China, Egypt, Ethiopia, India, Iran, Russian Federation, South Africa, United Arab Emirates – emphasised this determination at their 16th summit in October 2024. Economist Lauren Johnston recently wrote a paper on…

eFinance Investment Group and Cassava Technologies Sign Partnership to Drive Business Expansion Across Egypt and Africa

Mr Mohammed

CAIRO, Egypt, November 26, 2024/ — eFinance Investment Group and Cassava Technologies (www.CassavaTechnologies.com) have signed an agreement to explore and identify opportunities for collaboration and joint expansion across Africa. The signing ceremony took place during the 28th Cairo ICT Exhibition and Conference, held under the auspices of President Abdel Fattah El-Sisi. eFinance Investment Group and Cassava Technologies plan to leverage each other’s respective strengths and experience. Cassava Technologies will bring its extensive African footprint, infrastructure, and continental experience, whilst eFinance will bring its strong market presence and reputation as Egypt’s…

Afreximbank signs two deals totaling US$80 million for Zimbabwe’s CBZ Bank

Mr Mohammed

NASSAU, The Bahamas, June 25, 2024/ — In two deals signed at the recently concluded Afreximbank Annual Meetings, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is providing a US$60 million line of credit and a US$20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility to CBZ Bank Limited, Zimbabwe’s largest bank. The line of credit facility will strengthen financial intermediaries’ capacity to support SMEs through financing product and capacity building, indirectly support export-oriented Zimbabwean businesses and enable them to generate much-needed foreign exchange, thus easing the pressure on foreign currency in the country.…

Transformational companies recognised during Afreximbank’s Annual Meetings 2024 in Nassau, The Bahamas

Mr Mohammed

The second edition of the awards ceremony comes as African Export-Import Bank (Afreximbank) is promoting stronger ties between Africa and the Diaspora, in a push for a Global Africa ARISE Integrated Industrial Platforms (ARISE IIP), received the Pan African Business of the Year award for advancing industrialisation, export development, and economic transformation in Africa. Notably, ARISE IIP has successfully developed world-class sustainable industrial parks in Gabon, Benin, Chad, and Togo. KCB Group won the Pan-African financial institution of the year award. Rawbank, from the DRC, clinched the same prize, but in…

Backbase to release its 4th edition of the African Banking Digital Transformation Report at GITEX Africa 2024

Mr Mohammed

Marrakesh, May 27, 2024 — Backbase, the creator of the global leader in Engagement Banking Platform, is thrilled to announce the launch of the 4th edition of the African Banking Digital Transformation Report at GITEX Africa 2024. This report, produced in collaboration with the pan-African publication African Banker, has become a cornerstone in Africa’s financial news landscape, offering deep insights into the ongoing digital revolution within the banking sector across the continent. The 2024 edition of the report draws on comprehensive survey data from over 150 banks spanning 35 countries, providing…

Benin Joins 16 other Countries to Accede to the Establishment Agreement for Afreximbank’s Impact Investment Subsidiary, Fund for Export Development in Africa (FEDA)

Mr Mohammed

The Republic of Benin has become the latest African nation to accede to the Fund for Export Development in Africa (FEDA), the impact investment subsidiary of African Export-Import Bank (Afreximbank) (https://www.Afreximbank.com/). With Benin’s accession to the FEDA Establishment Agreement, the total number of participating African countries has risen to 17, following Nigeria’s accession earlier this month. The accession to the agreement demonstrates Benin’s support for Afreximbank’s efforts to broaden FEDA’s effectiveness by mobilizing its Member States to sign and ratify the FEDA Establishment Agreement and to support the organization’s impact…

Financial giants back Africa’s first Banking Awards ceremony

Mr Mohammed

African Export-Import Bank, African Guarantee Fund and African Trade & Investment Development Insurance, among the key pan-African financial institutions supporting African Banker Awards 2024. 23 May 2024, Nairobi: Some of Africa’s leading financial institutions will be attending the 2024 edition of the Awards Ceremony. This annual event which follows the African Development Bank Annual Meetings will be taking place at the newly launched JW Marriott Hotel in Nairobi, Kenya, on the 28th of May 2024. Launched by African Banker magazine in 2007, the African Banker Awards were designed to highlight African…

CIBAFI Introduces Innovative GHG Measurement Tool to Advance Climate Action in Islamic Finance

Mr Mohammed

The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, on May 21 st, successfully conducted a webinar titled “Unveiling the CIBAFI Greenhouse Gas Measurement Tool to Strengthen the Contribution of Islamic Financial Institutions to Climate Action”. Experts in climate action and Islamic finance discussed the crucial role of Islamic banks in advancing climate initiatives. This initiative aligns with the declaration made by the Islamic Finance Infrastructure Organizations during COP28 and CIBAFI’s commitment to sustainability. The webinar introduced a groundbreaking Greenhouse Gas Measurement Tool for…

BRICS+ Business Forum at AIM Congress 2024: Key Players Discuss Reshaping Global Economic Landscape

Mr Mohammed

Abu Dhabi, 9th May, 2024: The BRICS+ Business Forum, a pivotal session of the 2024 AIM Congress, convened at ADNEC in Abu Dhabi, featuring prominent leaders and experts from the BRICS nations and beyond. Chaired by Aleksandra Burman, the session provided a platform to deliberate on crucial topics concerning global economic dynamics and trade relations among BRICS member states and their partners. The session commenced with Dawood Al Shezawi, President of the AIM Global Foundation, emphasizing the significance of AIM Congress in fostering international cooperation and formulating investment strategies. With…