Category: Banking & Fianace

The Catalytic Role of Big Data Analytics in Shaping Islamic Finance Underscored

Mr Mohammed

Story: Mohammed A. Abu A webinar held by the General Council for Islamic Banks & Financial Institutions(CIBAFI) concluded with a forward-looking perspective on the future of big data and its transformative potential in the Islamic financial industry, underscoring its role as a catalyst for growth and transformation, an official statement said in Manama, Bahrain, Tuesday. CIBAFI’s Secretary General, Dr. Abdelilah Belatik, in his inaugural address, it said, underscored the critical significance of big data in Islamic finance emphasizing that, it goes beyond mere technological advancement and it is a strategic imperative as…

The African Development Bank plans to invest USD 10.5 million in the capital of Seedstars Africa Ventures to boost investment in innovative businesses

Mr Mohammed

ABIDJAN, Ivory Coast, January 18, 2024/ — The Board of Directors of the African Development Bank (AfDB) (www.AfDB.org) agreed on Wednesday that the Bank should take a stake of USD 10.50 million in the capital of Seedstars Africa Ventures S.L.P. venture capital fund to enable it to invest in innovative African businesses with strong growth potential. The Bank agreed to invest USD 7 million from its ordinary resources and USD 3.5 million from the European Union Boost Africa programme. The investment will allow Seedstars Africa Ventures (SAV) to raise funds,…

Leveraging Islamic Finance for the benefit of UK businesses in Saudi Arabia

Mr Mohammed

Story: Mohammed A. Abu The UK Export Finance(UKEF) has guaranteed the country’s largest ever Murabaha facility for USD700.00 in a maiden landmark Middle Eastern deal signed by Qadiyya Investment Company supported by the Public Investment Fund of the Kingdom of Saudi Arabia, to finance the construction of the Six Flags City Theme Park in the country. The project, the financing of which is based on procuring goods and services from UK exporters, is being undertaken by a joint venture led by Bouygues Bâtiment International and Almabani General Contractors in a…

Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

Mr Mohammed

Fareed Rahman Jan 01, 2024 The expansion of the Brics bloc to include Saudi Arabia and the UAE is expected to offer new investment opportunities for the Arab world’s two largest economies while boosting the group’s influence globally, analysts said. Saudi Arabia along with the UAE, Egypt, Iran and Ethiopia joined Brics on January 1, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members. “Expansion of the Brics multilateral bloc to include Saudi Arabia and UAE augurs extremely well amid ongoing geopolitical and economic challenges confronting the…

Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

Mr Mohammed

Report: Mohammed A.Abu The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Sunday. The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers. Phase…

West African Development Bank (BOAD) announces acquisition of an equity interest by the Arab Bank for Economic Development in Africa (BADEA) in its capital

Mr Mohammed

COTONOU, Benin, December 27, 2023/ — The West African Development Bank (BOAD) (https://www.BOAD.org/) is pleased to announce that the Arab Bank for Economic Development in Africa (BADEA) has joined its capital. Following a favorable opinion issued by the Bank’s Board of Directors, at its 139th meeting held on 20th December 2023 in Cotonou, the WAMU Council of Ministers met on 21st December 2023 and approved the participation of BADEA in BOAD’s capital. This opens up the second phase of the Bank’s capital increase process, the first phase of which was completed in December 2022…

African Development Bank approves $66 million loan for equity enhancement of Tanzania Agricultural Development Bank

Mr Mohammed

ABIDJAN, Ivory Coast, December 10, 2023/ — The African Development Bank Group’s (www.AfDB.org) Board of Directors has approved a $66 million loan to the government of Tanzania for additional equity in Tanzania Agricultural Development Bank (TADB). The financing will enable TADB to strengthen its capital and enhance the structure and effectiveness of financial and non-financial services it offers to entrepreneurs in the agriculture and related value chains. The Tanzania Agricultural Development Bank Phase II project will also receive $950,000 in technical assistance from the Affirmative Finance Action for Women in…

Conference of the Parties (COP28): Multilateral development banks publish first common principles for nature-positive finance

Mr Mohammed

LUXEMBOURG CITY, Luxembourg, December 9, 2023/ — New principles will guide multilateral development banks’ support for countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework; For the first time, multilateral development banks define common principles and the criteria for identifying and tracking nature-positive finance; Announcement follows COP26 Joint MDB Statement on Nature, People and Planet. The European Investment Bank (EIB) and fellow multilateral development banks (MDBs) have today published (https://apo-opa.co/3RdNOeQ) common principles for identifying and tracking nature-positive finance. The announcement comes on nature day of the United Nations COP28 climate…

Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

Mr Mohammed

30th November 2023, Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global body of Islamic finance, is delighted to announce the adoption of a comprehensive roadmap for Islamic Sustainability. This roadmap was developed in collaboration with the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with coordination from the Central Bank of the UAE. The adoption ceremony took place at the headquarters of Central Bank of the UAE. In alignment with COP28, this roadmap underscores CIBAFI’s commitment, alongside other key infrastructure organizations, to enhance…

Uganda To Borrow Ksh.23 Billion From China After World Bank Halts Funding

Mr Mohammed

Uganda is preparing to borrow $150 million (Ksh.23 billion) from China’s Export-Import Bank (Exim) to help expand its internet infrastructure, the finance ministry said on Monday.The move underscores the East African country’s increasing reliance for credit on Chinese lenders after the World Bank halted all new lending to Uganda earlier this year in protest at a new anti-homosexuality law. A junior finance minister and the minister for information asked lawmakers on Monday to authorise the debt, the finance ministry wrote on X, the social media platform. The money, the ministry…