Browsing: islamic banking

Islamic Finance taking shape in Africa

Islamic finance takes center stage as Africa embraces change

Banking
  • Uganda has issued first Islamic Banking License after a 20-year wait. On its part, Kenya has issued the first Islamic Bond to finance affordable housing agenda.
  • The performance of Sukuk bonds in the continent is revealing untapped demand that could finance development projects.
  • Estimates show global Islamic finance assets could reach $3.8 trillion by 2024.

Islamic Finance is on an exponential growth trajectory across Africa, garnering momentum by the day broadening the continent’s financial landscape. African countries are making significant steps towards bolstering access to shariah-compliant financial instruments and services, to cater to the largely financially, excluded Muslim population. This comes as figures from the Islamic Development Finance Corporation (IDFC), forecast that global Islamic Finance assets could reach $3.8 trillion by 2024.

Large swathes of African populace still remains unbanked, pertinently those shifting stance from the conventional system driven by their religious beliefs, thereby unlocking an untapped pool of investments.…

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islamic

Islamic Banking survived pandemic-induced crash thus good for Africa

Banking

Moody’s points out that the “…good resilience of Islamic banks despite a difficult operating environment in many African countries, suggests that Sukuk issuance will continue to grow steadily and that these banks will continue to perform well.”

Places like South Africa where the First National Bank, the third-largest banking group in South Africa and the continent, associates its growth to “Islamic” deposits.  The South African Islamic bank Al Baraka enjoyed increased profits by 12.4% between January and June 2019 compared to the previous year.…

Russia leads CIS towards Islamic banking and finance

Banking

While considerably new, Islamic Banking and Finance has now taken firm roots in Russia and other Commonwealth Independent States (CIS) countries are following suit.

The total volume of Islamic Banking and Finance has now exceeded $2.6 trillion globally. This amount represents transactions, assets and investments by over 2,500 Islamic banking and financial institutions around the global.

In the modern era, Islamic banking and finance can be traced back to the 1960s from Egypt and Malaysia and its dramatic spread over the Middle East, Africa and Europe. Interestingly, while Islamic banking and finance was slow to take foot in Commonwealth Independent States (CIS) countries, its unprecedented growth over the last few years indicates that CIS countries are the emerging Islamic banking and finance market for the future.

Some well known CIS countries include Russia, Armenia, Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan and Azerbaijan.

“The delay for Islamic finance initiative in CIS countries …

Emerging Trends of Islamic Banking and Finance Industry in CIS Countries

Opinion

The total volume of Islamic Banking and Finance has been exceeded $2.6 trillion globally. The growth of the Islamic banking and finance volume in different continents and regions is continuous with the positive node but sometime its vary region to region.

Due to the reason, about 2,500+ Islamic banking and financial institutions are working in every region including both Muslims and non-Muslim countries. In the current era, Islamic banking and finance started in 1960s from Egypt and Malaysia and dramatically spread over the Middle East, Africa, Europe and other regions.

The growth of this phenomenon swiftly increased in Middle East, South and East Asia whereas, in some regions, the growth of the industry was comparatively slow as in Northern African (Tunis, Morocco, Algeria etc.), Central Asian and Balkan countries. But keeping in view the Islamic banking and finance industry initiative was taken very late in Commonwealth Independent States (CIS) countries …