Category: Finance

Ensuring Effective Sharia Governance and Compliance

CIBAFI Conducts Online Technical Workshop for Islamic Financial Institutions The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella organization for Islamic financial institutions, is conducting its Online Technical Workshop on “Governance and Compliance for Islamic Financial Institutions (IFIs)” says  an official statement issued in Manama, Bahrain, Monday. Delivered in English, the two-day virtual workshop, brings together professionals from across the Islamic financial services industry. Effective governance frameworks,the statement,notes, are essential to ensuring sound practices, ethical conduct, and Shariah compliance in Islamic financial institutions. In recognition of this,…

Launch of Qatar Islamic Finance Report 2025: Expanding Horizons

London Stock Exchange Group (LSEG) Data & Analytics is pleased to announce the launch of its latest report titled “Qatar Islamic Finance Report 2025: Expanding Horizons”. The report represents a strategic partnership between the London Stock Exchange Group (LSEG) and the Qatar Financial Centre (QFC), delivering valuable insights on Qatar’s Islamic finance sector with the aim of fostering growth and innovation within the industry. Offering a comprehensive overview of the current Islamic finance landscape in Qatar, the report highlights key developments and regulatory initiatives over the past five years, while also…

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

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…

Africa Finance Corporation (AFC), United Nations Industrial Development Organization (UNIDO) and partners enter new alliance leveraging Islamic and Arab finance for economic transformation

VIENNA, Austria, June 17, 2025/ — Today, Africa Finance Corporation (AFC) (www.AfricaFC.org), UNIDO, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Union of Arab Banks (UAB), formalized new strategic partnerships under the Islamic and Arab Finance for Economic Transformation in Africa, the Arab Region and Beyond (IFETAA) Programme. Access to finance remains one of the most significant barriers to SME growth and economic transformation, particularly in Africa, the Middle East and South Asia. Only one in five African firms has access to credit, and those that…

First Islamic Development Bank Institute (IsDBI) Artificial Intelligence (AI) Hackathon Showcases Innovation in Islamic Finance

ALGIERS, Algeria, May 27, 2025/ — The Islamic Development Bank Institute (IsDBI) (www.IsDBInstitute.org) has announced the winners of the first-of-its-kind Artificial Intelligence (AI) Hackathon in Islamic Finance, organized to showcase the potential of AI-powered tools to support the progress of the global Islamic financial industry. The awards were announced and presented to the winners during the 19th IsDB Global Forum on Islamic Finance on 20 May 2025 in Algiers, Algeria, on the sidelines of the IsDB Group Annual Meetings. As the Islamic finance industry evolves to meet the demands of…

Dr. Khalid Khalafalla Appointed as Acting Chief Executive Officer of Islamic Corporation for the Development of the Private Sector (ICD)

The Board of Directors of the Islamic Corporation for the Development of the Private Sector(ICD),the private sector arm of the Islamic Development Bank(IsDB), has approved the appointment of Dr. Khalid Khalafalla as Acting Chief Executive Officer (CEO), effective 19 March 2025 Dr. Khalafalla brings extensive experience from his career within the IsDB Group. Since December 2024, he has been serving as CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). This was contained in an official statement issued by ICD in Jeddah,Thursday. The Chairman of…

Ethiopian Airlines Group and African Development Bank sign Letter of Intent for financing of world-class Abusera International Airport

ABIDJAN, Ivory Coast, March 25, 2025/ — The African Development Bank (www.AfDB.org) and Ethiopian Airlines Group have signed a Letter of Intent for the development of the East African nation’s planned Abusera International Airport Project. The $7.8 billion project aims to address increasing passenger and cargo demands, reinforce Ethiopia’s position as a leading aviation hub, and stimulate regional economic growth. Chief Executive Officer of Ethiopian Airlines Group Mesfin Tasew Bekele signed the Letter of Intent with African Development Bank Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo,…

Africa Finance Corporation (AFC) Sweeps IJGlobal and Global Capital Awards with Hat Trick of Major Wins

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has been honoured with three prestigious accolades, further underscoring its impact in shaping Africa’s financial landscape. At the IJGlobal Awards 2024 held recently in London, AFC was named Guarantor of the Year, Africa, and also received the Market Innovation Award, Africa.  The following evening, AFC was recognised with the African Deal of the Year at the Global Capital Syndicated Loan Awards in London. The trio of awards showcase AFC’s pioneering role in infrastructure financing, risk mitigation, and innovative financial solutions that drive sustainable…

Charting the Future of Islamic Finance in Russia:CIBAFI and TIDA Host Strategic Session and Training Programme

The General Council for Islamic Banks and Financial Institutions (CIBAFI), in collaboration with the Tatarstan Investment Development Agency (TIDA), successfully hosted a high-level strategic session titled “Prospects for Islamic Finance in the Russian Federation” in Kazan, Tatarstan. Dr. Belatik stated: “Islamic finance has strong growth potential, and collaboration between Russia and countries where it is well established can accelerate its development. It offers opportunities for economic growth by supporting real economic activities and promoting ethical finance. CIBAFI remains committed to this progress through advocacy, capacity building, and industry engagement. By strengthening human…

Oando Publishes N4.1 Trillion Revenue and N65.5 Billion Profit-After-Tax in Full Year (FY) 2024 Results

LAGOS, Nigeria, February 1, 2025/ — Oando PLC (www.OandoPLC.com), Africa’s leading integrated energy company listed on both the Nigerian Exchange Grpup (NGX) and Johannesburg Stock Exchange (JSE), announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 Trillion compared to N2.9 Trillion in FY 2023 results. The company’s 2024 performance showcases a consistent upward trajectory following its announcement of N65.5 billion in profit after tax. Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, commented, “2024 was a…