Category: Banking & Fianace

Ecobank Day 2023 focused on the acquisition of digital skills by Africa’s children and youth

Mr Mohammed

LOMÉ, Togo, October 24, 2023/ — The Ecobank Group (http://www.Ecobank.com), the leading pan-African banking group, celebrated the 10th anniversary of Ecobank Day, its flagship social impact event, last Saturday, October 21, 2023. To mark the occasion, Ecobank launched a three-year ‘Transforming Africa Through Education’ campaign, which it kicked-off with a focus on digital education and equipping children and youth with the digital skills they need for the jobs of tomorrow. Jeremy Awori, Chief Executive Officer of Ecobank Group, said: “Ecobank Day reflects the giving spirit of all 14,000 Ecobankers across the Group.…

Leveraging Islamic Finance to address Impending Economic Slowndown

Mr Mohammed

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) together with the Islamic Development Bank Group (IsDB), represented by IsDB Institute (IsDBI), is set to host the 18th edition of its annual Islamic banking and finance conference under the auspices of the Central Bank of Bahrain. The two-day conference will be held physically at the Crowne Plaza, in Kingdom of Bahrain, on 29-30 November 2023, with the theme “Strategies for the Impending Economic Slowdown and a Post Oil World: Through Economic Diversification and Leveraging Islamic Finance”. The two-day conference…

Inaugural Board Meeting of the African Continental Free Trade Area (AfCFTA) Adjustment Fund Corporation holds in the Republic of Rwanda

Mr Mohammed

KIGALI, Rwanda, October 6, 2023/ — Following the mandate by the African Union (AU) Summit of Heads of State and Government and the AfCFTA Council of Ministers responsible for Trade , Afreximbank (www.Afreximbank.com) and the AfCFTA Secretariat were mandated to establish and operationalise the AfCFTA Adjustment Fund through a General Partnership – the AfCFTA Adjustment Fund Corporation – with operations of the Fund domiciled in Rwanda. The Fund will support countries and private entities through financing, technical assistance, grants and compensation funding in their transition to the new trading regime…

About Proportionality as Principles Expands in Banking

Mr Mohammed

About Proportionality as Principles Expands in Banking CIBAFI Offers Basel Committee some Insights By: Mohammed A. Abu The Manama, Kingdom of Bahrain based General Council for Islamic Financial Institutions(CIBAFI) has formally Submitted Comments to the Switzerland based Basel Committee on Banking Supervision (BCB regarding its Consultative Document on “Revisions to the Core principles for effective banking supervision (“Core Principles”) an official statement disclosed in Manama, Thursday. CIBAFI noted according to the Press Release, that even though the updated “Introduction to Core Principles” improves comprehension of proportionality, banks still however, express…

Property developer to issue Sh3bn Sukuk bond

Mr Mohammed

By CHARLES MWANIKI More by this Author Kenya is set for its first Sukuk bond after the Capital Markets Authority (CMA) approved a Sh3 billion issuance by a firm looking to use the proceeds to develop institutional houses. The CMA said that it has granted Linzi Finco Trust the go-ahead to float the Shariah-compliant bond, but did not give a timeline of when the issuance is expected to hit the market. Kenya has over the years considered issuing Islamic bonds, otherwise known as Sukuk, to help finance its budget deficit,…

Islamic Banking Kicks Off In Uganda As BoU Issues 1st License To Salaam Bank Ltd

Mr Mohammed

By Frank Kamuntu Uganda’s central bank has issued its first Islamic banking license since the country passed legislation to accommodate Shariah-compliant finance activities in June. The license went to Salaam Bank Ltd., a unit of Djibouti-based Salaam African Bank, the Bank of Uganda said in a statement Friday. The adoption of Islamic finance, which doesn’t allow the charging of interest, could unlock significant growth in East Africa’s third-biggest economy by attracting customers who have avoided traditional lenders on religious grounds. Shariah-compliant assets are among the world’s fastest-growing financial instruments and…

CIBAFI and the Securities and Commodities Authority Successfully Launch a Joint Technical Workshop on Digital Transformation Strategy in Dubai, UAE

Mr Mohammed

12 – 14 June 2023, Manama, Kingdom of Bahrain, Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions and the Securities and Commodities Authority, have successfully launched their joint Technical Workshop today in Dubai, UAE. This Technical Workshop is themed: Digital Transformation Strategy for Islamic Financial Institutions (IFIs). The workshop is organised with the support of Finastra for three days. Building on the success of the first edition, which took place in Bahrain in the last quarter of 2022, CIBAFI has conducted…

12th Edition of Annual Investment Meeting Closes on a Positive Note

Mr Mohammed

AIM attracted 10,313 visitors from 175 countries, who engaged in 281 sessions featuring 693 speakers Abu Dhabi, United Arab Emirates, May 25, 2023: The 12th edition of the Annual Investment Meeting 2023, held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, came to a grand close, after three days of insightful discussions, engaging exhibitions, and fruitful networking sessions. This year’s theme “The Investment Paradigm Shift: Future Investment Opportunities To Foster Sustainable…

How Financial Technology is Shaping Trading and Asset Management ? – GITEX AFRICA 2023

Mr Mohammed

Fintech has revolutionized the way financial institutions manage financial assets, helping them tackle major challenges that arise on a daily basis LONDON, United Kingdom, May 15, 2023/ — Under the High Patronage of His Majesty King Mohammed VI, GITEX AFRICA 2023 (https://GITEXAfrica.com/), from May 31 to June 2, 2023 in Marrakech, the largest Tech & Startup event on the African continent, amplifies Africa’s digital aspirations and achievements. Capital Quant Agency (https://www.CapitalQAgency.com/), as an innovative Fintech startup, is thrilled to be part of this collaborative global event that showcases an untapped market…

Benin, Côte d’Ivoire to premier African Development Bank’s African Green Bank facilities

Mr Mohammed

The African Green Bank initiative was conceived as part of measures to facilitate access to global finance from the current 3% to 10% annually by 2030 ABIDJAN, Ivory Coast, May 15, 2023/ — The African Development Bank (www.AfDB.org) is set to roll out the first green finance facilities in two public financial institutions in Benin and Côte d’Ivoire as part of its ground-breaking African Green Bank initiative. The host institutions are La Caisse des Dépôts et Consignations du Bénin (CDC Benin) and the Ivorian National Investment Bank (BNI). As Africa’s premier development…