East African Regulators Allow More Islamic Finance Services

By Njiraini Muchira As the financial sector in the region grapples with a confidence crisis following the collapse of some banks, Islamic finance is expected to take root as governments enact laws that allow rollout of Sharia-compliant products and services. Currently, the Islamic finance market is dominated by conventional banks that have Islamic banking windows […]

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Islamic Finance: An Innovative Avenue For Financing The Sustainable Development Goals

The 2030 Agenda for Sustainable Development seeks to eradicate poverty in all its forms, promote sustained and inclusive economic growth and ensure social development and environmental protection while supporting peaceful, just and inclusive societies. To succeed, the international, national and local actors, including the private sector, will have to venture in a true global partnership […]

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New Report Outlines Actions to Leverage Islamic Finance for Development

The World Bank Group and the Islamic Development Bank published the first Global Report on Islamic Finance, which details the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals. Subtitled “A Catalyst for Shared Prosperity?”, the report provides an […]

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Charity, certainty, and transparency: What the world can learn from Islamic finance

Key takeaways. (Reuters/Wahyu Putro A/Antara Foto) By 2030, more than a quarter of the world’s population will be Muslim. However, most conventional financiers do not offer financing arrangements that suit the particular restrictions that Muslims face when it comes to money, contracts, and finance. Islamic finance is based upon principles of ethics and transparency—which means […]

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Trump and Brexit events highlight the need for more Participation/Islamic Finance

The report proposes that after decades of increasing financial inequality and insecurity, the majority of citizens in the USA and UK have expressed their desire for change via the election of Trump and the Brexit referendum. This demographic has been broadly excluded from substantial wealth creation of recent decades that has been largely driven by […]

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Islamic finance sees big growth in Europe

finance is a concept that people working in the banking and finance industries are likely to come across in their careers. Islamic finance, despite its label, is not limited to Muslim countries. It has shown growth globally, including in Europe. Total Islamic finance assets worldwide are projected to grow to $3.5 trillion by 2021 from […]

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Morocco launches Islamic banking services

Marrakech, Morocco. Five banks in Morocco have been granted permission by the central bank to offer Islamic banking services and products Sharia-compliant finance has made its debut in Morocco, with the government approving Islamic products and services in the banking sector Morocco has become the latest Muslim-majority country to authorise Islamic banking. The central bank […]

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Africa Finance Corporation issues $150 million maiden sukuk

LAGOS — Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has issued its maiden sukuk, the highest-rated ever sukuk issuance from an African institution. Following high levels of investor interest, the initial target of $100 million was more than twice oversubscribed, resulting in the transaction being upsized to $150 […]

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