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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 …
Stakeholders of agriculture on the continent have urged governments to work with the private sector to build resillient food systems to bridge the widening gap in production.
Speaking during the Alliance for a Green Revoluton in Africa (AGRA) organized Africa Green Revolution Forum (AGRF) Summit last week, speakers reiterated that food security cannot be achieved without a gvernment facilitated enabling environemnt for agribusiness to thrive.
The summit was held ahead AGRF , slated for September in Nairobi, where leaders, while celebrating the milestones the agriculture sector has made over the years, called on enhanced collaboration in transforming the continent’s food systems amid rising concerns over global food shortages owing to increasing population, shrinking land and climate change.
“As we look at innovative ways of producing food to feed our people, assist our farmers and bolsters agribusinesses, we must explore ways of working together to actualize this commitment. The partnership between …
Listed real estate is also expected to continue performing poorly in 2021 with the Fahari I-Reit having opened the year at a relatively low trading price of Sh5.8 per share.
This is coupled with the expected negative performance of the office sector and lack of investor appetite in the instrument due to negative investor sentiments.…
African Development Bank Group has approved two grants worth $83.6 million to boost cross-border trade in electricity between Ethiopia and Djibouti and to deepen integration in the Horn of Africa sub-region.
In a statement, the bank’s board said the funds comprise a $69.65 million grant to Ethiopia and a second grant of $13.93 million to Djibouti.
Both have been sourced from the African Development Fund, which is the African Development Bank’s concessional financing window.
The Ethiopia–Djibouti Second Power Interconnection project will entail the construction of nearly 300 km of interconnector line, 170 km of transmission lines, and new construction or renovation of substations in the two countries.
Commenting on the approval, Bank’s Director of Power Systems Development Batchi Baldeh said the first interconnection line is reaching its power transfer capacity limit due to several developments in both countries, such as the industrial development in the eastern part of Ethiopia, the …
Stopping an increasing trend of COVID-19 cases in Africa will require additional funding.
This was announced by the International Federation of Red Cross and Red Crescent Societies (IFRC), amid a worrying surge of cases in Uganda, Rwanda, DRC, Namibia, Zambia, Mozambique, and South Africa.
National Red Cross teams in these seven countries are stepping up surveillance, testing, healthcare and hygiene activities.
They have also scaled up their COVID-19 awareness campaigns in public places such as markets and border points.
However, efforts like these ones, aimed at containing the spread of the virus, have been strained by insufficient funding. With a third wave looming large, there are increasing concerns that the impact will be more devastating, especially if the shortage of funds persists.
Mohammed Mukhier, IFRC’s Regional Director for Africa said that since the outset of this pandemic, not enough attention has been paid to the evolution of this virus on …
Kenya’s Capital Markets Authority (CMA) has announced a new deal that will help businesses in the private sector forge their way to recovery.
CMA has signed a Memorandum of Understanding (MoU) with the Kenya Private Sector Alliance (KEPSA) to support market deepening and leveraging capital market products to catalyze growth in the sector.
The partners say the move is line with the Big 4 Agenda and Sustainable Development Goals.
Through the MoU, CMA and KEPSA say they will be seeking avenues for private and public sector finance and investment necessary to support Kenya’s economic growth and complement development funding gaps.
The two institutions will also seek to collaborate in the development of policy and regulatory interventions to create a conducive business environment that will support a robust, resilient, and inclusive financial sector through the growth of the capital markets.
The CMA Chief Executive, Wyckliffe Shamiah said the partnership is expected …
Kenya’s Capital Markets Authority (CMA) has issued the first set of licenses to five coffee brokers in line with the Capital Markets (Coffee Exchange) Regulations, 2020.
In a statement, the Authority says the licenses will allow the brokers to carry out the role of coffee brokerage services at the Nairobi Coffee Exchange (NCE) with effect from 1 July 2021.
Meru County Coffee Marketing Agency Limited has been granted a full coffee broker licence, while others, which include Kipkelion Brokerage Company Limited, and Murang’a County Coffee Dealers Company have been granted conditional licences.
According to the Authority, they are expected to come into full compliance with the requirements of the Coffee Exchange Regulations within the next three months.
“The Authority is mandated to regulate the spot commodity markets in Kenya and in particular, the coffee commodity market according to Section 11(3) of the Capital Markets Act,” CMA said in a statement.…
