Bishop David Oginde’s opinion piece “Why expansion of Sharia laws remains perturbing” published in the Sunday Standard last weekend gave the impression that some proposed reforms in the Finance Bill 2017 portend danger simply because they touch on Islamic financial products. Bishop Oginde was clever in his approach but his message was loud and clear; Reforms to …
Sub Saharan Africa
Islamic Banking is For Everyone, say Kenyan Authorities
Islamic banking is quickly gaining popularity in the Kenyan market, and banks have been quick to tailor the product accordingly. Global regulations on Islamic banking dictate that for any institution to call itself an Islamic financing institution, there must be a Sharia supervisory and advisory board whose role is to ensure that the products or …
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Islamic Finance is Based on ‘Shared Prosperity’
The way Muslims do business is based on free-market economics, but it provides a far more equitable and sustainable economic model than the dog-eat-dog world of Western capitalism. This was a strong underlying message to come out of a recent conference on Islamic banking in Sandton. Islamic finance, which is governed by shariah (Islamic law), …
How to Attain a Robust Islamic Financial System in Kenya?
NAIROBI, KENYA: Although Islamic Banking is at nascent stage in the country, the faith-based lending model is becoming a fast growing trend in the Kenyan financial sector and showing indicators of exponential growth. The concomitant expansion of Islamic finance activities in the region and the huge Muslim population can be largely attributed to reforms in …
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ICD Extends $5 Million Line of Finance Facility to Arab Gambian Islamic Bank
ICD) – The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Agib Bank Ltd have entered into a Joint Strategic Collaboration to finance private sector entities in The Gambia. On behalf of the CEO of ICD, Mr Khaled Al Aboodi, Mr. Mohammed Alammari, Director of …
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Islamic Finance Transaction Broadens Investor Base In Nigeria
In 2016, the Africa Finance Corporation (AFC), a pan-African multilateral lender based in Nigeria, sought to raise financing at competitive pricing levels in a bid to help it fund a number of new infrastructure projects in Africa. It also aimed to diversify its investor base in the process. This objective was achieved through the successful …
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Islamic Finance Not Just For Muslims, But For Everyone
Professor Binta Tijani Jibril is the Director of International Institute of Islamic Banking and Finance, Bayero University, Kano State. The head of the lone university-based Islamic banking institute in West Africa told CHIJIOKE NELSON in this interview that the model is business, ethical, not religion and about sweeping global economies with its appealing concepts. Why …
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ICD, Afriland First Bank to Establish an Islamic Window in Guinea
ICD) – The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Afriland First Bank Guinea have entered into a Joint Strategic Collaboration to establish an Islamic window in Guinea. The MoU was signed by Mr. Khaled Al-Aboodi CEO of ICD and Dr. Paul Fokam, Chairman …
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Halal Takaful Nigeria Distributes Surplus Bonus To Customers
The Islamic Insurance division of Cornerstone Insurance Plc, Halal Takaful Nigeria has distributed surplus bonus to its customers in appreciation of their patronage and loyalty for the year 2015. Justifying the act, Group head of the Islamic Insurance Window of Cornerstone, Hajia Thaibat Adeniran said the decision was to allow customers who have no claim …
Halal Takaful Nigeria Distributes Surplus Bonus To CustomersRead More
Islamic Finance Professionals Train Imams, Others In Nigeria
THE Lagos State government has commended the Institute of Islamic Finance Professionals (IIFP) for coming up with an initiative to lessen the financial burden of Muslim scholars. The Commissioner for Home Affairs, Dr Abdul-Hakeem Abdul-Lateef, gave the commendation during an IIFP workshop held at the Lagos Chamber of Commerce and Industry (LCCI), Alausa, Ikeja. At …
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Halal Foods to be Mandatory in Algeria
The new norm will be rolled out progressively from June. A list of the goods that will be required to be certified will be released soon. São Paulo – Halal certification will be mandatory for some food products in Algeria. The new rules will be rolled out gradually as of June, news agency Algérie Presse …
Muslim Achievers Awarded In Ghana
Dr Mahamudu Bawumia, Vice President said, recognising the Muslim heroes was crucial and important to the development of the Muslim communities and the nation at large. He therefore commended them for the recognition of the Muslim Ummah, especially the youth who were contributing to the development of the religion, their communities and the nation at …
