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  • eFinance Investment Group and Cassava Technologies Sign Partnership to Drive Business Expansion Across Egypt and Africa

    eFinance Investment Group and Cassava Technologies Sign Partnership to Drive Business Expansion Across Egypt and Africa

    CAIRO, Egypt, November 26, 2024/ — eFinance Investment Group and Cassava Technologies (www.CassavaTechnologies.com) have signed an agreement to explore and identify opportunities for collaboration and joint expansion across Africa. The signing ceremony took place during the 28th Cairo ICT Exhibition and Conference, held under the auspices of President Abdel Fattah El-Sisi.

    eFinance Investment Group and Cassava Technologies plan to leverage each other’s respective strengths and experience. Cassava Technologies will bring its extensive African footprint, infrastructure, and continental experience, whilst eFinance will bring its strong market presence and reputation as Egypt’s foremost leader in digital transformation.

    This collaboration aims to introduce innovations to the Egyptian market, drawing on eFinance’s robust presence and trusted reputation and Cassava Technologies’ pan-Africa reach and global partnerships.

    Cassava Technologies, headquartered in the UK, is a global technology leader of African heritage, with presence across Africa, the Middle East, Latin America and the United States of America. Its portfolio includes fiber broadband networks, satellite communications, data centers, renewable energy solutions, financial technology, digital platforms, artificial intelligence, as well as cloud and cybersecurity services.

    e-finance Investment Group is a developer of digital payments infrastructures that was established in 2005 to develop the Government of Egypt’s financial network. Over the course of nearly two decades, the Group has penetrated all corners of Egypt’s digital market and transformed itself into a leading technology-focused investment firm.

    With a dynamic business model and a flexible organizational structure, e-finance is able to focus on multiple target markets through its subsidiaries and maximize its ability to unlock value in the digital payments space.

    The Group boasts a portfolio of subsidiaries that has enabled e-finance’s growth across multiple markets, unlocked synergies across its business lines, and enabled digital transformation for various strategic sectors throughout the nation to support the development of Egypt’s digital economy and drive towards financial inclusion.

    Ibrahim Sarhan, Chairman and CEO of eFinance Investment Group, expressed his pride in partnering with Cassava Technologies, a global leader renowned for its extensive technological solutions and infrastructure across Africa.

    He emphasized that this collaboration represents a significant milestone in offering a unique range of joint services across the African continent, with a particular focus on the Egyptian market, where eFinance continues to lead the digital enablement for financial access across various industries and sectors.

    According to Hardy Pemhiwa, President & Group CEO of Cassava Technologies, “eFinance has a track record of success in driving digital transformation in Egypt which is truly commendable.

    This collaboration between Cassava Technologies and eFinance Group will accelerate the adoption of digital solutions in Egypt and the MENA region. eFinance’s experience across key sectors in Egypt make them an ideal partner for us as we expand our presence in Egypt and the region. This partnership further enhances our ability to deliver on our vision of a digitally connected future that leaves no African behind”.

    Distributed by APO Group on behalf of Cassava Technologies.
  • Afreximbank signs two deals totaling US$80 million for Zimbabwe’s CBZ Bank

    Afreximbank signs two deals totaling US$80 million for Zimbabwe’s CBZ Bank

    NASSAU, The Bahamas, June 25, 2024/ — In two deals signed at the recently concluded Afreximbank Annual Meetings, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is providing a US$60 million line of credit and a US$20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility to CBZ Bank Limited, Zimbabwe’s largest bank.

    The line of credit facility will strengthen financial intermediaries’ capacity to support SMEs through financing product and capacity building, indirectly support export-oriented Zimbabwean businesses and enable them to generate much-needed foreign exchange, thus easing the pressure on foreign currency in the country.

    The AFTRAF facility will enable CBZ Bank to issue letters of credit confirmed by Afreximbank at a time when such instruments are not readily available due to a shortage of confirming banks.

    Highlighting the impact of the deals for Zimbabwe, Haytham El Maayergi, Executive Vice President, Global Trade Bank, Afreximbank, said: “The US$60 million Line of Credit facility will be used by CBZ Bank to provide financing to local corporates and small and medium-sized enterprises (SMEs) – helping to bridge the financing gap facing them at a time when most international banks are limiting their exposure to Zimbabwean banks.

    “The US$20 million facility, which is under the Afreximbank Trade Facilitation Programme, provides a wide variety of products where the Afreximbank takes on the direct risk of CBZ, as the issuing bank.

    The programme will increase intra- and extra-African trade for Zimbabwe, through the importation of critical goods, such as fuel, pharmaceuticals and fertiliser, and support exports and imports of vital goods and services to Africa. It will also enable CBZ to increase its trade activities and to expand its correspondent banking relationships.”

    CBZ Group’s strategic plan is to deploy affordable mobile banking solutions and increase its product offerings, create opportunities for direct and indirect employment by financing the importation of raw materials for key industries, and drive financial inclusion in Zimbabwe.

    Sub-borrowers who are SMEs benefitting from the credit line will also be eligible for non-financial support as provided under the capacity-building pillar of the bank’s Export SME Development Programme.

    At the deal signing ceremony, Mrs. Smangele Mandidi, Acting Managing Director of CBZ Bank, said: “As a Bank, our core focus remains on sourcing much needed lines of credit to support the productive sectors of our economy and this will also go a long way in easing the liquidity challenges.

    We have received USD80 million funding from Afreximbank which will be extended to support export growth through trade finance as well as capital expenditure financing.”

    The facility is in accordance with Afreximbank’s mandate of supporting exports of value-added commodities and manufactures of a Member State. Through the facility, there is also strategic fit as the structured nature of the facility supports Afreximbank’s trade finance leadership — one the Bank’s strategic pillars.

    The facility is consistent with the Bank’s strategy of financing exports which in turn contributes to the foreign exchange earning capacity of a country and increases productivity.

    Hosted by the government of the Bahamas, AAM2024, which was combined with the third AfriCaribbean Trade and Investment Forum (ACTIF2024), was held from 12 June to 15 June.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Manager, Communications and Events (Media Relations)
    Email: press@afreximbank.com

  • Transformational companies recognised during Afreximbank’s Annual Meetings 2024 in Nassau, The Bahamas

    Transformational companies recognised during Afreximbank’s Annual Meetings 2024 in Nassau, The Bahamas

    • The second edition of the awards ceremony comes as African Export-Import Bank (Afreximbank) is promoting stronger ties between Africa and the Diaspora, in a push for a Global Africa

    • ARISE Integrated Industrial Platforms (ARISE IIP), received the Pan African Business of the Year award for advancing industrialisation, export development, and economic transformation in Africa. Notably, ARISE IIP has successfully developed world-class sustainable industrial parks in Gabon, Benin, Chad, and Togo.

    • KCB Group won the Pan-African financial institution of the year award. Rawbank, from the DRC, clinched the same prize, but in the category of banks with a capital base less than $500m.

    • Elsewedy, an Egypt-based manufacturer and global exporter of electric products, won the Diaspora Business of the Year award for their impact in strengthening continental and diaspora ties.

    18th June 2024, Nassau, Bahamas– At a Gala Dinner attended by leading dignitaries, African Export-Import Bank (Afreximbank) hosted the second edition of the Pan-African Business and Development Awards in association with the Business Council for Africa (BCA), in Nassau, The Bahamas.

    The Pan-African Business and Development Awards, held on the sidelines of the Afreximbank Annual Meetings 2024, are designed to celebrate and recognise transformative businesses and financial institutions within the African continent.

    This year’s edition saw Arise Integrated Industrial Platforms (ARISE IIP) win the Pan African Business of the Year award in recognition of the instrumental role it has played in advancing industrialisation, export development and economic transformation in Africa. ARISE IIP designs, finances, and operates industrial ecosystems across Africa.

    These ecosystems address industrial gaps in African countries, enabling sustainable local transformation of raw materials. ARISE IIP was recognised for the role it is playing in transforming African economies and reducing reliance on exportation of unprocessed raw materials.

    Two financial institutions were recognised in the Pan-African Financial Institution of the Year category: KCB Group, from Kenya, which was feted for its impact in financial services, and Rawbank, an important player in the Democratic Republic of Congo, which was recognised for its pivotal role in advancing financial inclusion and economic development in the country. Since its establishment in 2002, Rawbank has become the DRC’s largest universal bank.

    A new award was launched this year, Diaspora Business of the Year, recognising an African or Diasporan business that is expanding beyond its borders and strengthening economic and business ties between the continent and its Diaspora, the sixth region of the continent as defined by the African Union. Elsewedy, the Egypt based manufacturer, clinched this award.

    This year also saw the awards recognising the crucial role played by Afreximbank’s staff in advancing the bank’s growth and success. Mrs Oluwatoyosi Adelakin, Senior Manager Strategy and Innovation (Performance Monitoring & Reporting) emerged as the winner of the Outstanding Staff Award of the Year 2024.

    She has been a steady hand in ensuring that the Banks’ Balanced Scorecard Performance measurement system works as required, which has contributed greatly to the Bank’s performance and profitability since implementation in 2014.

    Afreximbank’s Balanced Scorecard Performance Management System is considered a critical case of success that it was selected as a case study by Harvard Business School in 2020 which has been used by many business school students since then.

    Commenting on the Awards ceremony, Prof Benedict Oramah, Afreximbank President and Chairman of Board of Directors, said: “The prestigious awards recognise outstanding partnerships that have been powerful vehicles for transmitting our development programmes to the people we collectively serve.

    We acknowledge the fact that the progress we continue to make, the lives we touch, and the value we bring to shareholders have only been possible due to the numerous esteemed partners who share our Pan-African aspirations.

    Thanks to those we celebrate today, and many others, Afreximbank has become consequential for Africans around the world, delivering trade and development interventions and actively supporting the implementation of the continental development agenda.”

    Arnold Ekpe, former Group CEO of Ecobank and Chairman of the BCA, in his remarks, highlighted the importance of supporting initiatives that contribute to Africa development, and this has become a hallmark of Afreximbank.

    The Pan-African Business and Development Awards are hosted by Afreximbank in association with the BCA. The awards series was launched last year to recognise those organisations and leaders that epitomise the Pan-African spirit by leading the way in building substantive and transformative cross border businesses.

    WINNERS

    Pan-African Business of the Year

    Winner: ARISE IIP

    Pan-African Financial Institutions of the Year

    Winner (institution with capital >$500m): KCB Group, Kenya

    Winner (institution with capital <$500m): Rawbank, DRC

    Diaspora Business of the Year

    Winner: Elsewedy

    Outstanding Staff Award

    Winner: Mrs Oluwatoyosi Adelakin

    Distributed by IC Media on Behalf of Afreximbank

  • Backbase to release its 4th edition of the African Banking Digital Transformation Report at GITEX Africa 2024

    Marrakesh, May 27, 2024 — Backbase, the creator of the global leader in Engagement Banking Platform, is thrilled to announce the launch of the 4th edition of the African Banking Digital Transformation Report at GITEX Africa 2024.

    This report, produced in collaboration with the pan-African publication African Banker, has become a cornerstone in Africa’s financial news landscape, offering deep insights into the ongoing digital revolution within the banking sector across the continent.

    The 2024 edition of the report draws on comprehensive survey data from over 150 banks spanning 35 countries, providing an in-depth analysis of current digital banking trends, key innovations, and the progress of digital transformation. This release underscores Backbase’s commitment to fostering technological advancements and driving financial inclusion in Africa.

    These are the key highlights of the 2024 Report:

    • Digital Innovation: A detailed examination of the latest technological trends reshaping the African banking ecosystem, with a significant focus on Artificial Intelligence and cybersecurity.

    • Financial Inclusion: Analysis of strategies implemented by African banks to enhance financial inclusion, particularly through mobile wallets and super apps.

    • Resilience in Adversity: Insights into how African banks are navigating the challenging macro-economic environment while maintaining a strong commitment to digitization.

    Backbase will also be a key participant in the Future of Finance Summit at GITEX Africa 2024. Backbase will participate alongside partner organisations Seven and OneTech. Highlighting the evolving digital landscape, Backbase will join a panel discussion titled “It’s a Bird! It’s a Plane! It’s a… Super App?” Super apps are becoming central to consumer convenience and financial empowerment, with digital wallets and mobile money leading this transformation.

    Africa, with its rapid smartphone adoption, is poised for a significant shift towards these embedded financial solutions.

    Heidi Custers, Digital Transformation Director, Africa at Backbase, will address the audience during the panel discussion. “Africa has always been at the forefront of mobile payments innovation. Our participation in GITEX Africa 2024 with our African partners and the release of our latest report underscores our commitment to advancing digital banking across the continent,” said Ms Custers.

    Event Details: GITEX Africa 2024, the continent’s largest tech and start-up show, will be held from May 29 to 31, 2024, in Marrakesh, Morocco. The event, under the High Patronage of His Majesty King Mohammed VI, is hosted by the Digital Development Agency (ADD) and the Moroccan Ministry of Digital Transition and Administration Reform.

    Visit Backbase at booth number 20B-20 in the Digital Finance Hall #20, where we will showcase the latest innovations in digital finance.

    For more information on GITEX Africa 2024 and the Future of Finance Summit, visit www.gitexafrica.com

    Distributed by IC Media on behalf of GITEX Africa 2024
  • Benin Joins 16 other Countries to Accede to the Establishment Agreement for Afreximbank’s Impact Investment Subsidiary, Fund for Export Development in Africa (FEDA)

    Benin Joins 16 other Countries to Accede to the Establishment Agreement for Afreximbank’s Impact Investment Subsidiary, Fund for Export Development in Africa (FEDA)

    The Republic of Benin has become the latest African nation to accede to the Fund for Export Development in Africa (FEDA), the impact investment subsidiary of African Export-Import Bank (Afreximbank) (https://www.Afreximbank.com/).

    With Benin’s accession to the FEDA Establishment Agreement, the total number of participating African countries has risen to 17, following Nigeria’s accession earlier this month.

    The accession to the agreement demonstrates Benin’s support for Afreximbank’s efforts to broaden FEDA’s effectiveness by mobilizing its Member States to sign and ratify the FEDA Establishment Agreement and to support the organization’s impact investing objectives.

    The onboarding of new Members expands the reach of FEDA’s interventions and reflects the Fund’s unwavering commitment to its mandate of providing long-term capital to African economies, with a focus on industrialization, intra-African trade and value-added exports.

    Among other strategic investments across the continent, in November 2022, FEDA invested in Arise Integrated Industrial Platforms (Arise IIP) in a significant step deepening the implementation of its mandate. Arise IIP developed the Glo-Djigbé Industrial Zone (GDIZ) which is focused on the transformation of textile and agro-processing in Benin.

    Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, commented: “We welcome the signing of the FEDA Establishment Agreement by the Republic of Benin. This development builds on the various interventions by both Afreximbank and FEDA in Benin in recent years.

    A key strategic initiative for the Bank is to deploy the African Quality Assurance Centre (AQAC) within the GDIZ in Benin. This endeavour will facilitate the export of high-level African products that comply with export requirements, applicable standards and technical regulations, to international markets.”

    Marlène Ngoyi, CEO of FEDA, said: “This notable milestone builds on FEDA’s track record of investing in companies in Benin that are strategically aligned in promoting industrialization, intra-African trade and value-added exports. We look forward to continuing our support for transformative investments that are well aligned with FEDA’s investment strategy in Benin.”

    Distributed by APO Group on behalf of Afreximbank.
  • Financial giants back Africa’s first Banking Awards ceremony

    Financial giants back Africa’s first Banking Awards ceremony

    African Export-Import Bank, African Guarantee Fund and African Trade & Investment Development Insurance, among the key pan-African financial institutions supporting African Banker Awards 2024.

    23 May 2024, Nairobi: Some of Africa’s leading financial institutions will be attending the 2024 edition of the Awards Ceremony. This annual event which follows the African Development Bank Annual Meetings will be taking place at the newly launched JW Marriott Hotel in Nairobi, Kenya, on the 28th of May 2024.

    Launched by African Banker magazine in 2007, the African Banker Awards were designed to highlight African success stories in banking as well as recognize the rapid modernization and growth of Africa’s banking and financial system. The African Banker Awards are part of the official program of the African Development Bank Annual Meetings, which this year are being held under the theme: “Africa’s Transformation, the African Development Bank Group and the Reform of the Global Financial Architecture.”.

    Leading pan-African financial institutions

    The African Guarantee Fund have been long-time supporters of the Award and last year launched the AFAWA Award. AFAWA is a joint initiative by the African Development Bank and the African Guarantee Fund, which seeks to bridge the $42 billion financing gap facing women in Africa. The AFAWA Awards will celebrate the financial institutions bridging this gap.

    This year the newly rebranded African Trade & Invest Development Insurance (ATIDI) have come on board as sponsors as have the African Export-Import Bank (Afreximbank), whose own Annual Meetings will take place in June in the Bahamas.

    Both Afreximbank and ATIDI are founding members of the Alliance of African Multilateral Financial Institutions (AAMFI), which have committed to collaborate to address Africa’s development finance needs, promote the interests of member states, advocate for Africa on global finance issues, develop innovative finance tools , and support sustainable finance strategies. These institutions are due to meet on the sidelines of the AfDB Meetings in Nairobi.

    Banking giants at African Banker Awards 2024

    Amongst the Awards sponsors are two titans of the African financial sector, United Bank for Africa (UBA) and Guarantee Trust Bank (GTBank), two institutions that have recently posted record results in Nigeria and who are known for their unwavering dedication to banking excellence.

    Joining these titans is the burgeoning West African banking group, Vista Bank Group. With its recent acquisitions of Société Générale Burkina Faso and Banco Société Générale Moçambique, Vista Bank Group has secured a strategic position in the Southern African market. Furthermore, its mid-last-year acquisition of Oragroup catapulted it to become West Africa’s third-largest banking entity, and marks the retreat of international banks from the African landscape.
     

  • CIBAFI Introduces Innovative GHG Measurement Tool to Advance Climate Action in Islamic Finance

    The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, on May 21 st, successfully conducted a webinar titled “Unveiling the CIBAFI Greenhouse Gas Measurement Tool to Strengthen the Contribution of Islamic Financial Institutions to Climate Action”.

    Experts in climate action and Islamic finance discussed the crucial role of Islamic banks in advancing climate initiatives.

    This initiative aligns with the declaration made by the Islamic Finance Infrastructure Organizations during COP28 and CIBAFI’s commitment to sustainability. The webinar introduced a groundbreaking Greenhouse Gas Measurement Tool for Islamic banks.

    This tool helps banks assess the environmental impact of their investment portfolios, marking a significant step in CIBAFI’s environmental responsibility efforts.

    The webinar was inaugurated with welcoming remarks from Dr. Abdelilah Belatik, Secretary General of CIBAFI. Dr. Belatik underscored CIBAFI’s commitment to supporting Islamic banks by introducing this groundbreaking tool aimed at addressing climate change and promoting sustainability within the industry.

    He emphasized the potential benefits of this tool, expressing hope that Islamic banks will leverage it to enhance their operations and achieve greater sustainability outcomes.

    After the opening remarks by the Secretary General, Mr. Rachid Ettaai, Business Development Manager at CIBAFI, introduced the CIBAFI GHG Emissions Measurement Tool within the context of Islamic finance.

    Following this introduction, a panel session commenced featuring Mr. Peter Casey, Consultant from the UK; Mr. Noman Ali, Managing Director of Financial Controller ESG and Sustainable Finance at HSBC Group in the UAE; Dr. Wael Mohamed Aaminou, Managing Partner at Green for South in Canada; and Mrs. Sunita Devi, Senior Sustainability Manager at Frencken Group Limited in Malaysia.

    The speakers explored the integration of sustainability into Islamic banking, emphasizing collaborative efforts and adherence to global standards for managing climate risks. Additionally, they shared strategies for seamlessly implementing the GHG tool.

    CIBAFI remains dedicated to sustainability and climate action, supporting the Islamic financial services industry through dialogues on emerging issues and representation at global financial events.

     

     

     

  • BRICS+ Business Forum at AIM Congress 2024: Key Players Discuss Reshaping Global Economic Landscape

    BRICS+ Business Forum at AIM Congress 2024: Key Players Discuss Reshaping Global Economic Landscape

    Abu Dhabi, 9th May, 2024: The BRICS+ Business Forum, a pivotal session of the 2024 AIM Congress, convened at ADNEC in Abu Dhabi, featuring prominent leaders and experts from the BRICS nations and beyond. Chaired by Aleksandra Burman, the session provided a platform to deliberate on crucial topics concerning global economic dynamics and trade relations among BRICS member states and their partners.

    The session commenced with Dawood Al Shezawi, President of the AIM Global Foundation, emphasizing the significance of AIM Congress in fostering international cooperation and formulating investment strategies. With the event witnessing a remarkable increase in participation, Al Shezawi highlighted the importance of stronger international relationships in attracting Foreign Direct Investment (FDI) and fostering economic growth.

    Roman Shaykhutdinov, Deputy Prime Minister of the Republic of Tatarstan, outlined the region’s sustainable growth strategy, focusing on diverse sectors including oil, agriculture, IT, and tourism. Shaykhutdinov emphasized Tatarstan’s status as a burgeoning hub for startups and underscored the importance of forums like AIM Congress in facilitating partnerships.

    Sergey Katyrin, Chairman of the BRICS Business Council, Russian Federation, emphasized the opportunities arising from increased trade and cooperation among BRICS countries. He noted the potential for healthy competition in attracting investments, ultimately benefiting all member states.

    Sean He, Founding Partner of Silicon Harbour Capital Investment Company, China, emphasized the pivotal role of technology in shaping the global economy. He highlighted China’s leadership in the technology sector and its interest in fostering collaborations with the MENA region.

    Mikhail Makarov, Director of the International Relations Office at the Agency for Strategic Initiatives, Russia, shed light on Russia’s endeavors to promote technological projects globally. Makarov extended an invitation to BRICS+ countries to participate in a foresight forum in Dubai in 2025, showcasing Russia’s commitment to fostering international cooperation.

    Russel Curtis, CEO of Invest Durban, South Africa, elaborated on Durban’s growing significance in the BRICS landscape, citing the city’s strategic port location and burgeoning FDI inflows. Curtis emphasized the importance of aligning policy frameworks to attract investments and achieve sustainable development goals.

    UG Sujatha, Vice President of Global Partnerships at Invest India, highlighted India’s remarkable economic growth and its vibrant startup ecosystem. She stressed the potential for BRICS countries to collaborate and create a dynamic ecosystem conducive to mutual growth.

    Dra Leteia Pricila Gomes, President of Invest Brazil Institute for investment and international cooperation, underscored Brazil’s commitment to improving investment laws and fostering innovation. She highlighted the need for educational and developmental initiatives to further enhance Brazil’s attractiveness to investors.

    The BRICS+ Business Forum at AIM Congress 2024 served as a platform for fruitful discussions, fostering collaboration and innovation to drive sustainable economic growth globally.

    AIM Congress 2024 is hosting more than 150 high-level dignitaries, with 900+ speakers and over 12,000 participants from 175 countries around the world participating. AIM Congress has also organized 27 joint events in cooperation with over 330+ local, international, and global partners.

  • Islamic Development Bank Institute (IsDBI) Publishes New Book on Applications of Agent-Based Simulation in Islamic Finance

    Islamic Development Bank Institute (IsDBI) Publishes New Book on Applications of Agent-Based Simulation in Islamic Finance

    JEDDAH, Saudi Arabia, May 2, 2024/ — The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released a new book detailing applications of agent-based simulation in Islamic Finance.

    Titled “Applications of Agent-Based Simulation in Islamic Finance”, the book is an edited collection of papers authored by students who graduated from the Islamic Financial Engineering Laboratory based in Rabat, Morocco.

    The Laboratory was established in 2013 by Mohammed V University in Rabat and the Islamic Development Bank (IsDB). Former heads of the Laboratory, Prof. Rajae Aboulaich and Prof. Mohamed Tkiouat, edited the new book.

    The book explores the different aspects of Islamic finance and modeling, highlighting the importance of agent-based modeling and mathematical modeling in the context of Islamic finance. It also examines the growing role of fintech and its impact on financial inclusion within the Islamic framework.

    The objective of the book is to provide an in-depth perspective of the theoretical foundations and practical applications of agent-based and mathematical modeling in the field of Islamic finance.

    By exploring the different models and approaches, the authors highlight the advantages and limitations of these methodologies while emphasizing their relevance for decision-making and risk management in the Islamic context.

    Dr. Sami Al Suwailem, Acting Director General of IsDB Institute, said: “The book is a result of close collaboration between the professors and graduate students of the Lab and experts from the IsDBI.

    The support of the IsDB has helped IFE Lab students in the development of the modeling of complex problems and the structuring of innovative financial products using high-performance simulation approaches such as agent-based modeling, discussed in this book.”

    Prof. Rajae Aboulaich, one of the book editors, said: “This book is the fruit of research carried out over the past eight years within the IFE Lab at Mohammed V University in Rabat. It presents selected research carried out as part of the theses produced within the IFE Lab.

    The book documents also some of the success stories of the IFE Lab, and so, we hope it will serve as a reference for future generations to lead the development of Islamic finance to the next level”.

    The book is available for purchase on IsDB Institute’s website here (https://apo-opa.co/3ULvblu).

    Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

    Media contact:
    Habeeb Idris Pindiga
    Associate Manager, Knowledge Horizons
    Islamic Development Bank Institute (IsDBI)
    Email: hpindiga@isdb.org

  • Malawi’s FDH Bank rolls out first Islamic banking window in the Country

    Malawi’s FDH Bank rolls out first Islamic banking window in the Country

    FDH Bank plc has rolled out Islamic banking that will provide Shariah-compliant products and services managed separately through a special window from conventional banking.

    Islamic banking, also referred to as Islamic finance, is premised on two fundamental principles of Islamic banking, which entails sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.

    FDH Bank plc board chairperson Charity Mseka said on Wednesday in Blantyre that the roll out of Islamic banking services, the first in the country, is not just expansion of services, but a commitment to financial inclusion and diversity.

    “This milestone comes on the back of our new purpose as a bank which is to provide easy access to financial solutions that enable our communities to grow with us,” she said.

    Mseka observed that Islamic banking offers resilience in the face of economic challenges as it emphasises on asset-backed financing and risk-based sharing mechanism, which provides a buffer against speculative practices.

    She said the Islamic banking operates without the concept of interest, which is prohibited in Islam, instead of focusing on profit-sharing and asset backed transactions.

    “This aligns closely with the value of many in our community who seeks financial solutions that are not only lucrative but also ethical and socially responsible,” she said.

    The bank’s managing director Noel Mkulichi said apart from the approval from the Reserve Bank of Malawi to offer Islamic banking, the central bank also gave them a go-ahead to set up a Shariah Advisory Committee to oversee the management of FDH Salama Banking products and services.

    “This is a key requirement for enhancing Sharia compliance,” he said.

    Mkulichi said the Islamic banking will start by offering deposit accounts as well as a cost-plus financing solution or Murabaha and will expand the product line with time.

    “Customers can access these solutions through our specially designated service centres Limbe, City Centre in Lilongwe and Mangochi,” he said.

    Mkulichi touted the FDH Salama banking solution as the first of its kind in Malawi, specially introduced to fill the gap the country has historically experienced.

    RBM executive director for regulation Patrick Mhango said it is the government’s policy position to create a conducive business environment for the private sector to offer a critical basis for expanding the scope of Islamic finance in the country.

    “As part of our legislative readiness, we will ensure that Islamic banking products are offered in a safe and sound manner,” he said.

    Muslim Association of Malawi general secretary Sheikh Alhaj Twaibu Lawe thanked FDH Bank for partnering Mam and Qadria Association of Malawi to introduce the Islamic banking, saying it will help them access bank services in an Islamic way.

    Chamber for Small and Medium Businesses Association executive secretary James Chiutsi said in an interview that the Islamic banking window could not have come at a better time than now when the cost of capital is high.

    “For years, we have decried high interest rates which have made borrowing from financial institutions very hard,” he said.

    But economic statistician Alick Nyasulu is quoted as having said that aspects of Islamic banking are worth pursuing given the high cost of borrowing, but said it is not as easy as it seems.

    Elsewhere in Africa, South Africa, Nigeria, Kenya, Senegal, Djibouti, Uganda and Morocco have legal and regulatory frameworks and run Islamic finance products.

    SOURCE

    NATION ONLINE,MALAWI