Browsing: Islamic Development Bank (IsDB) Group

• 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.…

The International Islamic Trade Finance Corporation (ITFC) signed a $200 million syndicated Murabaha financing agreement with the African Export-Import Bank (Afreximbank) to help the agricultural sector in Africa.

The International Islamic Trade Finance Corporation is a member of the Islamic Development Bank (IsDB) Group while Afreximbank is a multilateral financial institution established by African governments and institutional investors.

The facility aims at helping African countries address some of the economic impacts of the pandemic. This syndication is supported by financial institutions and some of the partners who allocated resources to the agricultural sector in Africa.

The agreement which is in line with ITFC’s ongoing commitment in Africa will fund the export of soft commodities such as cocoa, sesame seeds, raw cashew nuts and maize.

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