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East Africa
- Unlike conventional bonds that generate returns through fixed interest payments, Sukuk generates returns through the ownership of underlying assets, thereby avoiding the prohibitions of Riba (interest) and excess Gharar (uncertainty).
- Global Sukuk market has witnessed significant growth over the last two decades, diversifying its presence across regions such as the Middle East, Southeast Asia, Europe, and Africa.
- The outlook for the sukuk market indicates a continued upward trend, with projections suggesting it will reach $2,160.55 billion by 2028.
Sukuk, commonly known as Islamic bonds, represent a unique financial instrument in the context of Islamic finance, distinguished by their adherence to Shariah compliance. Unlike conventional bonds that generate returns through fixed interest payments, Sukuk generates returns through the ownership of underlying assets, thereby avoiding the prohibitions of Riba (interest) and excess Gharar (uncertainty).
This Shariah-compliant structure renders Sukuk an appealing option for both Muslim and non-Muslim investors seeking ethical and socially …
- Tanzania has offered the Uganda National Oil Company (Unoc) to use the Dar es Salaam port for oil importation.
- This presents a strategic alternative amid the ongoing importation stalemate between Uganda and Kenya.
- The legal dispute between Uganda and Kenya over oil importation policies is pending before the East African Court of Justice (EACJ), with indications that Uganda may withdraw the case.
Tanzania has stepped forward with an enticing proposition that Kampala finds hard to ignore, especially regarding the ongoing deadlock in Nairobi-Kampala oil imports.
Tanzania has extended an offer to the Uganda National Oil Company (Unoc) to utilise the Dar es Salaam port for its fuel importation needs. This development comes as Uganda explores alternatives in response to Kenya’s steadfast position on Kampala’s oil importation demands.
Uganda’s grievance at the East African Court of Justice (EACJ) remains pending amid these unfolding events, casting a shadow of uncertainty over …
- In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
- Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
- This is the Group’s newest subsidiary in the Democratic Republic of Congo.
- It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.
Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.
In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …
- The private sector in the community has been urged to drive the buy and build East Africa initiative
- Foreign Direct Investments (FDI) in the EAC dropped by 43% to USD. 4.9 billion in 2020
- Jobs declined by 2%, wiping out the gains made in previous year
Trade between East Africa Community countries dropped by 5.5% to USD. 5.9 billion in 2020 due to COVID-19 while exports from the bloc to the world hit 16.2 billion in 2020 a 3% boost in comparison to 2019.
This is according to the East Africa Business Council CEO John Bosco Kalisa who urged the private sector in the community to drive the buy East African, build East Africa narrative.
He added that the campaign is central in driving the economic recovery agenda for the EAC bloc amid COVID-19 pandemic.
He spoke during a webinar on EAC Trade & Investment Recovery amidst COVID-19 organized by …
The AfCFTA is the largest trade agreement, by composition of countries enjoined, since the formation of the World Trade Organization. Currently, 54 out of the 55 African countries have signed the AfCFTA, with 41 having ratified it.
The agreement is set to ultimately open up the African market to trade freely, will boost intra-African trade and trigger structural transformation with the goal of reducing poverty.…
- The AfCFTA agreement will boost East Africa’s manufactured exports to the rest of Africa
- Textiles & clothing exports will increase by 100% under the agreement
- Experts have recommended the rolling out of private sector sensitization campaigns on the AfCFTA
East African Community (EAC) partner states have been urged to finalize and submit tariff offers under the African Continental Free Trade Area agreement (AfCFTA) to enable the bloc to tap into the 1.3 billion continental markets with a Gross Domestic Product of USD 3 trillion.
In a statement, the East African Business Council Vice Chairman Denis said the AfCFTA is set to boost East Africa’s manufactured exports to the rest of Africa.
In particular, textiles & clothing exports will increase by 100%, heavy manufacturing by 63%, light manufacturing by 61%, processed food by 54% while livestock & meat products by 39%.
Karera said that the political will to duly implement the …
- Carrefour only had two stores before the takeover
- Shoprite, the previous owner of the space, has exited Uganda after 21 years of operations
- Majid Al Futtaim is currently on an expansion spree in East Africa
French retailer Carrefour has entered into an agreement with Shoprite Checkers Uganda Limited to take over its Shoprite franchise in the country.
Under the deal, Shoprite will transfer six of its Ugandan stores’ leases to Majid Al Futtaim, Carrefour’s parent company, by end of year.
Majid Al Futtaim currently operates two stores in Uganda, under the Carrefour banner.
Following the implementation of the agreement, Majid Al Futtaim will expand its footprint to eight Carrefour stores.
Commenting on the deal, Hani Weiss, CEO of Majid Al Futtaim Retail said: “We welcome the opportunity to bring our unique Carrefour offering of unbeatable value range, international standards to more customers across Uganda.
He added that the agreement represents …
Regional bank Equity Group Holdings has announced a 98 percent growth in half year profits to Sh17.9 billion up from Sh9.1 billion registered the previous year.
The Group’s Managing Director and CEO Dr James Mwangi said attributed improved performance to the defensive and offensive strategy, which they adopted at the onset of the COVID-19 pandemic.
As such, deposits registered a 51 percent growth to Sh820.3 billion up from Sh543.9 billion, while long term borrowed funds grew by 78 percent to Sh102.3 billion up from Sh57.6 billion.
Net Loans and advances grew by 29 percent to Sh504.8 billion up from Sh391.6 billion, while investment
in Government securities grew by 46 percent to Sh315.5 billion up from Sh216.4 billion resulting in 50 percent
growth in Total Assets to Sh1.12 trillion up from Sh746.5 billion.
The CEO also revealed that the strategy led to a 33 percent growth in topline Total Income to …
A new report now indicates that women entrepreneurs and in the Middle East and Africa (MEA) are leading the way in tapping into the power of the digital economy to succeed and grow.
According to the inaugural Mastercard MEA SME Confidence Index, women-owned small and medium enterprises (SMEs) believe there are huge benefits of a cash-free economy to their businesses.
As such, 81 percent of the region’s women entrepreneurs have a digital presence for their businesses, compared to 68 percent of their male counterparts.
In terms of a digital footprint of the region’s women entrepreneurs, social media (71 percent) leads the way, followed by a company website (57 percent).
In the Middle East and North Africa, more women entrepreneurs had a website (71 percent) than a social media presence (55 percent).
It also found that over 80 percent of women entrepreneurs have digital readiness for their business compared to their …
