Category: Banking & Fianace

Islamic Development Bank Institute (IsDBI) Publishes New Book on Applications of Agent-Based Simulation in Islamic Finance

Mr Mohammed

JEDDAH, Saudi Arabia, May 2, 2024/ — The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released a new book detailing applications of agent-based simulation in Islamic Finance. Titled “Applications of Agent-Based Simulation in Islamic Finance”, the book is an edited collection of papers authored by students who graduated from the Islamic Financial Engineering Laboratory based in Rabat, Morocco. The Laboratory was established in 2013 by Mohammed V University in Rabat and the Islamic Development Bank (IsDB). Former heads of the Laboratory, Prof. Rajae Aboulaich and Prof. Mohamed Tkiouat, edited the…

Malawi’s FDH Bank rolls out first Islamic banking window in the Country

Mr Mohammed

FDH Bank plc has rolled out Islamic banking that will provide Shariah-compliant products and services managed separately through a special window from conventional banking. Islamic banking, also referred to as Islamic finance, is premised on two fundamental principles of Islamic banking, which entails sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors. FDH Bank plc board chairperson Charity Mseka said on Wednesday in Blantyre that the roll out of Islamic banking services, the first in the country, is not just…

Memorandum of Understanding Signed Between The Islamic Development Bank Group Business Forum (THIQAH) and World Association of Investment Promotion Agencies (WAIPA) to Boost Business and Investment Opportunities

Mr Mohammed

RIYADH, Saudi Arabia, May 1, 2024/ — The Islamic Development Bank Group Business Forum (THIQAH) (www.IDBGBF.org) and the World Association of Investment Promotion Agencies (WAIPA) have recently signed a Memorandum of Understanding (MoU) aimed at fostering collaboration to promote business and investment opportunities on a global scale. The signing ceremony, held in Jeddah, Saudi Arabia, signifies a strategic alliance between THIQAH and WAIPA, two prominent entities dedicated to facilitating economic growth and investment promotion. Under the MoU, THIQAH and WAIPA commit to cooperating through various initiatives such as promoting investment…

18th Islamic Development Bank (IsDB) Global Forum to Explore Innovation, Entrepreneurship, and Leadership in Islamic Finance

Mr Mohammed

JEDDAH, Saudi Arabia, April 21, 2024/ — The Islamic Development Bank (IsDB) Institute (https://IsDBInstitute.org/) is pleased to announce the 18th edition of the IsDB Global Forum on Islamic Finance to be held in Riyadh, Kingdom of Saudi Arabia, on 28 April 2024, in conjunction with the IsDB Group Annual Meetings and Golden Jubilee Celebration. Organized annually as a flagship side event of the Annual Meetings, this year’s Forum will bring together thought leaders, policymakers, financial experts, and other stakeholders in the Islamic finance industry to deliberate on innovative tools to…

West Africa’s franc: is time up for the colonial currency?

Mr Mohammed

By: Kai Koddenbrock, Bard College Berlin First Published,April 8,Africa Edition/The Conversation At no point in history has the CFA franc – the name of a colonial currency used in west and central African countries belonging to the franc zone – been closer to its demise. Senegal has overwhelmingly voted for leftwing Pastef candidate Bassirou Diomaye Faye (and his former party leader Ousmane Sonko) while the coup governments in Mali, Burkina Faso and Niger have been talking about leaving the CFA franc for some time. Senegal under outgoing president Macky Sall was a pillar of the longstanding French attempt…

Ghanaian and Senegalese entrepreneurs to benefit from African Development Bank Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF) grant for green jobs in natural resources

Mr Mohammed

ABIDJAN, Ivory Coast, April 8, 2024/ — The African Development Bank (www.AfDB.org), through its Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF) (https://apo-opa.co/3J81Cnx), has approved a $999,000 grant to support an initiative to foster green jobs for women, youth and people with disabilities. The Strengthening Women, Youth and People with Disabilities’ Micro-Entrepreneurship for Green Jobs (https://apo-opa.co/3U9MFqb) in Natural Resources (MicroGREEN) project aims to foster inclusive economic growth by providing up to 500 green job opportunities and business development services to marginalized groups in Ghana and Senegal. The target reach group…

Affirmative Finance Action for Women in Africa (AFAWA) Finance Series Togo: African Development Bank and African Guarantee Fund unite to strengthen female entrepreneurs’ access to finance

Mr Mohammed

LOMÉ, Togo, April 8, 2024/ — The African Development Bank (www.AfDB.org) and the African Guarantee Fund (AGF) (https://apo-opa.co/4apZNya) have brought the curtain down on the AFAWA Finance Series Togo conference, a key note event aimed at  promoting a better understanding of the financing needs of Togolese women entrepreneurs and debunking the myth that women-run companies are risky ventures. The three-day event, which ended on Thursday 28 March 2024, brought together some 180 leading figures responsible for policy and regulation in favour of women’s financial inclusion, and representatives of financial institutions,…

Africa Finance Corporation’s year of impact sees major expansion of projects and investment

Mr Mohammed

LAGOS, Nigeria, April 8, 2024/ — Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has announced its most impactful year to date, with unprecedented expansion of projects and investments spanning energy, transportation, mining, food, textiles and climate resilience. Underpinning robust growth in earnings and total assets, AFC successfully navigating the global geopolitical, inflationary and debt distress challenges of 2023 to implement critical infrastructure projects across multiple sectors that are central to Africa’s structural transformation and sustainable development. Landmark initiatives include Djibouti’s first wind farm, with AFC as lead…

President Ramkalawan announces the appointment of women professionals in key positions

Mr Mohammed

To coincide with the International Women’s Day, the President of the Republic, Mr Wavel Ramkalawan has recently appointed four women professionals in prominent positions in the administration of the country. These are: The re-appointment of the Governor of the Central Bank of Seychelles, Ms Caroline Abel, the new Principal Secretary for Finance, Ms Astride Tamatave, the new Commissioner General of the Seychelles Revenue Commission (SRC) Mrs Varsha Singh, and also the appointment of the Chief Executive Officer of the National Bureau of Statistics, Mrs Li Fa Cheung Kai Suet. Governor of the Centrel Bank, Ms…

African Development Bank launches historic 10.5-year inaugural USD Global Sustainable Hybrid transaction

Mr Mohammed

ABIDJAN, Ivory Coast, February 1, 2024/ — The African Development Bank (www.AfDB.org), rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable) has successfully launched and priced its first Sustainable US dollar-denominated 750 million perpetual subordinated hybrid capital notes. On the 30th of January 2024 the African Development Bank launched a hybrid capital transaction with a coupon of 5.75% until August 2034, with a 10.5 year first call date at the Bank’s discretion. The Bank achieved a top quality and granular orderbook with over 275 investors, of which over 190 were allocated. Investor…