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Category: Banking & Fianace

  • Leveraging Islamic Finance for the benefit of UK businesses in Saudi Arabia

    Leveraging Islamic Finance for the benefit of UK businesses in Saudi Arabia

    Story: Mohammed A. Abu

    The UK Export Finance(UKEF) has guaranteed the country’s largest ever Murabaha facility for USD700.00 in a maiden landmark Middle Eastern deal signed by Qadiyya Investment Company supported by the Public Investment Fund of the Kingdom of Saudi Arabia, to finance the construction of the Six Flags City Theme Park in the country.

    The project, the financing of which is based on procuring goods and services from UK exporters, is being undertaken by a joint venture led by Bouygues Bâtiment International and Almabani General Contractors in a move that helps UK exporters gain wider access to the opportunities being created by PIF’s investment in large-scale infrastructure development.

    UKEF’s involvement has secured opportunities for UK exporters delivering key equipment and services to the project.

    Reinsurance Collaborating Parties

    UKEF was supported by reinsurance from the Dutch ECA Atradius Dutch State Business N.V., the Italian ECA SACE S.p.A., and the German ECA Euler-Hermes Aktiengesellschaft.

    Collaborating Banking Institutions  

    Crédit Agricole CIB acted as exclusive ECA Coordinating Bank, Structuring and Documentation Bank and Investment Agent, and, together with a syndicate of banks comprising HSBC and BNP Paribas, as Mandated Lead Arranger (MLA).

    These were contained in a Press Release issued by UKEF in London, Wednesday.

    The release quotes the UK Export Finance Chief Executive, Tim Reid to have said: “Saudi Arabia’s ‘Vision 2030’ is hugely ambitious, and UKEF is determined to ensure that British businesses can benefit from the enormous exporting opportunities it offers”.

    “This new landmark deal not only creates exciting business for UK suppliers, but demonstrates UKEF’s ability to unlock new sources of commercial finance to make transformative projects possible around the globe.”

    Oliver Christian, His Majesty’s Trade Commissioner for the Middle East and Pakistan, on his part said, “UK-Saudi Arabia bilateral trade stood at over £17bn last year, and our trading relationship goes from strength to strength. This is clearly demonstrated by today’s announcement that UK Export Finance has secured another strategic win by supporting this record-breaking Islamic financing deal – its largest ever Murabaha. This transaction will help UK exporters access even more of the valuable trading opportunities being created by Saudi investment in infrastructure and socio-economic transformation”

    Murâbaḥah which has since become the most common form of Islamic compliance trade financing facility is derived from the Arabic word, ribh, meaning profit, is originally a term of Islamic jurisprudence for a sales contract where the buyer and seller agree on the markup (profit) or “cost-plus” price for the item(s) being sold with deferred payment allowed for the goods.

    Murabaha financing is similar to a rent-to-own arrangement in the non-Muslim world, with the intermediary (e.g., the lending bank) retaining ownership of the item being sold until the loan is paid in full.

     

     

     

     

     

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  • Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

    Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

    Fareed Rahman

    Jan 01, 2024

    The expansion of the Brics bloc to include Saudi Arabia and the UAE is expected to offer new investment opportunities for the Arab world’s two largest economies while boosting the group’s influence globally, analysts said.

    Saudi Arabia along with the UAE, Egypt, Iran and Ethiopia joined Brics on January 1, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members.

    “Expansion of the Brics multilateral bloc to include Saudi Arabia and UAE augurs extremely well amid ongoing geopolitical and economic challenges confronting the world economy,” Ullas Rao, assistant professor of finance at Edinburgh Business School of Heriot-Watt University in Dubai, said.

    “Both Saudi and the UAE as [among] the richest countries on per capita and home to the biggest sovereign wealth funds, create enormous growth opportunities through investments, trade and commerce.”

    Saudi Arabia and the UAE have continued to post economic growth despite global uncertainties including high interest rates, inflation and geopolitical tensions as they focus on diversifying their economies.

    Saudi Arabia’s economy, which grew by 8.7 per cent in 2022, the highest annual growth rate among the world’s 20 biggest economies, is expected to expand by 0.8 per cent in 2023, according to the International Monetary Fund.

    The kingdom is also focusing heavily on its non-oil economy as part of its Vision 2030 diversification agenda.

    Meanwhile, the UAE’s economy is expected to grow 3.4 per cent in 2023 with oil GDP growth projected at 0.7 per cent and non-oil GDP at 4.5 per cent, backed by a strong performance in tourism, real estate, construction, transport, manufacturing and a surge in capital expenditure, according to a recent report from the World Bank.

    The Arab world’s second largest economy is signing trade deals to strengthen its ties with countries around. It is working towards signing 26 comprehensive economic partnership agreements as it seeks to attract more investment and diversify its economy.

    “The image of Brics in the past was of a financially vulnerable group, beholden to the global political superpowers. The financial power of Saudi and the UAE as net exporters of capital to the rest of the world will substantially change that perception,” Gary Dugan, chief investment officer at Dalma Capital, said.

    “Also as a collective, we expect Saudi Arabia and the UAE to be afforded easier access to the growth markets of the Brics countries on favourable terms.”

    The addition of two major oil exporters to the group “will reinforce their bargaining power and influence in Opec+ while also offering the space for them to align their strategies with other Brics members”, Ehsan Khoman, head of ESG, commodities and emerging markets research at MUFG, said.

    Opec+, which has been playing a crucial role in balancing oil markets, includes some of the world’s biggest crude producers including Saudi Arabia, the UAE and Russia.

    China and India, two key members of Brics, are the second and third biggest consumers of oil in the world with strong energy ties to the Gulf countries.

    New world order?

    Meanwhile, the calls for the overhaul of the international monetary system and the development of an alternative currency to the US dollar are expected to grow as Brics expands, according to Mr Rao.

    “As the world navigates for an alternative to the US dollar, even if less relevant today, the emergence of Brics common currency can act as a major harbinger in diversifying risks away from the stronghold of the dollar,” he said.

    Brics is poised to assume greater influence as a powerful voice to the Global South, he added.

    Ayham Kamel, head of Mena at Eurasia Group, is also bullish about the bloc wielding more influence globally.

    “The prospect of Saudi Arabia, the UAE, Iran and Egypt joining Brics creates new mechanisms that forces a degree of political co-operation by all the countries,” he said.

    “The Arab countries are looking for improving their global geopolitical influence and appear committed to avoiding detachment from the West.”

    SOURCE

    The Nation Business

     

     

  • Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

    Providing Islamic Fintech Solutions to the IF Industry for Sustainable Development

    Report: Mohammed A.Abu

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Sunday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformation.

    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

     

     

     

     

     

     

     

     

     

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Monday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

     

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

     

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformati
    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

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

     

     

     

     

     

    The Islamic Development Bank Institute(IsDBI) in partnership with EZBusiness,a private Business Consultancy firm has kicked off the development of the pioneering Islamic Finance Knowledge Pavilion Marketplace, an official statement distributed by the APO Group on behalf of the Institute said in Jeddah, Monday.

    The Pavilion, according the statement, will provide a digital marketplace of validated solution providers (institutions, consultants, and experts) in Islamic finance and economic development, and offer a one-stop shop for listing opportunities and seamless digital experience in the matchmaking of suppliers and customers.

    Phase 1 of the project, it added, will cover a market assessment, feasibility study, and business plan addressing the competitive landscape based on outcomes of the market assessment and a 5-year financial model and sensitivity analysis while, Phase 2, will cover the development of the Pavilion platform including the interface and content.

    This project aligns with the IsDB Institute’s strategic objective to provide fintech knowledge solutions to the Islamic finance industry to support sustainable development in IsDB Member Countries and worldwide.

    “The Islamic Finance Knowledge Pavilion Marketplace is not just a platform, but it is also a catalyst for creative collaboration within the Islamic finance industry and the development landscape. We are confident that this initiative has the potential to create enduring value for all stakeholders.” Dr. Sami Al-Suwailem, Acting Director General, IsDBI, stated

     

    The Islamic Development Bank Institute is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide.

     

    EZ2Business (https://EZ2Business.com), a business consultancy company that provides expert advice and builds custom solutions to address business transformati
    For more information about the project, please contact Mr. Yazan Alsayed (yalsayed@isdb.org) or Mr. Mohamad Naamani (mnaamani@isdb.org).

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

  • West African Development Bank (BOAD) announces acquisition of an equity interest by the Arab Bank for Economic Development in Africa (BADEA) in its capital

    West African Development Bank (BOAD) announces acquisition of an equity interest by the Arab Bank for Economic Development in Africa (BADEA) in its capital

    COTONOU, Benin, December 27, 2023/ — The West African Development Bank (BOAD) (https://www.BOAD.org/) is pleased to announce that the Arab Bank for Economic Development in Africa (BADEA) has joined its capital.

    Following a favorable opinion issued by the Bank’s Board of Directors, at its 139th meeting held on 20th December 2023 in Cotonou, the WAMU Council of Ministers met on 21st December 2023 and approved the participation of BADEA in BOAD’s capital. This opens up the second phase of the Bank’s capital increase process, the first phase of which was completed in December 2022 for an amount of XOF554.38 billion.

    As a reminder, the BOAD capital increase process, referred to as “Peninsula” project, is structured into two phases: a first phase involving the issue of shares reserved for the Bank’s current shareholders, and a second phase involving the issue of shares open to new shareholders, whose accession is subject to approval by the Council of Ministers, as provided for by BOAD’s Articles of Association.

    The participation of BADEA in the Bank’s capital as a class B shareholder (non-regional shareholder) is part of this second phase, and involves an amount of US$30 million, or XOF18.47 billion. This stake is equivalent to 1.20% of BOAD’s subscribed share capital, giving this first-rate institution a seat on its Board of Directors.

    Established on 28th November 1973 and operational since March 1975, BADEA, with head office in Khartoum (Sudan), is a financial organization whose aim is to be a “world bank for Africans”, comprising 18 member countries including Saudi Arabia, Kuwait, Iraq, Libya, the United Arab Emirates and Qatar. It is rated Aa2 with a positive outlook by Moody’s.

    The two institutions are breaking new ground for their long-standing cooperation, which to date has been marked by the provision by BADEA of resources on preferential terms, and by the co-financing of several infrastructure projects in WAEMU countries, as well as the granting of subsidies to BOAD to support structuring projects.

    For President Serge Ekué, “BADEA’s participation as a new shareholder follows 10 years after the Kingdom of Morocco joined BOAD’s capital in 2013. This was the result of a series of discussions over the past two years. It is the translation of excellent relationships between both of our institutions, but also the result of a perfect common understanding between the President of BADEA, my dear friend and brother, Mr. Sidi Ould Tah, to whom I wish to pay a heartfelt tribute. My warmest congratulations to our respective technical teams”.

    Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

    Link to additional content: https://apo-opa.co/48zmTkq

    For further information, please contact:
    Communication and Public Relations Department
    Tel.: +228 22 23 25 65 / WhatsApp: +228 99 99 32 15
    Fax: +_228 22 23 24 38
    Email: boadsiege@boad.org

  • African Development Bank approves $66 million loan for equity enhancement of Tanzania Agricultural Development Bank

    African Development Bank approves $66 million loan for equity enhancement of Tanzania Agricultural Development Bank

    ABIDJAN, Ivory Coast, December 10, 2023/ — The African Development Bank Group’s (www.AfDB.org) Board of Directors has approved a $66 million loan to the government of Tanzania for additional equity in Tanzania Agricultural Development Bank (TADB). The financing will enable TADB to strengthen its capital and enhance the structure and effectiveness of financial and non-financial services it offers to entrepreneurs in the agriculture and related value chains.

    The Tanzania Agricultural Development Bank Phase II project will also receive $950,000 in technical assistance from the Affirmative Finance Action for Women in Africa (AFAWA) initiative to boost access to finance and related support to women in identified agriculture value chains. Additional technical assistance of $250,000 will come from the Africa Adaptation Acceleration Program (AAAP), a joint initiative of the African Development Bank and the Global Centre on Adaptation (GCA).

    This will go toward climate risk management support and to assist TADB in assessing the climate risk profile of its portfolio and developing the tools, methodologies, and capacity to mainstream climate resilient lending practices.

    The project, approved on 5 December, is expected to enhance inclusive access to finance in the agriculture sector, improve yields and productivity and raise household income and create jobs, contributing to broad-based economic growth in Tanzania.

    The Bank Group’s Acting Director for Financial Sector Development, Ahmed Rashad Attout said, “We are excited to finalize this second intervention with the Government of Tanzania to support the consolidation and expansion of TABD’s operations and in supporting the transformation of Tanzania’s agricultural sector.”

    Bank Group Director General for East Africa, Nnenna Nwabufo, added, “through this intervention, the African Development Bank reiterates its commitment to support efficiencies and competitiveness of agricultural enterprises, expansion of agricultural value chains and bolster the financing of the agriculture sector, with enhanced support to women entrepreneurs in this sector.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media Contact:
    Romaric Ollo Hien
    Communication and External Relations Department
    African Development Bank
    email: media@afdb.org

    Technical Contacts:
    Grace Kyokunda
    Chief Investment officer
    Financial Sector Development Department

    Mkola Tambwe
    Principal Investment officer
    Financial Sector Development Department

  • Conference of the Parties (COP28): Multilateral development banks publish first common principles for nature-positive finance

    Conference of the Parties (COP28): Multilateral development banks publish first common principles for nature-positive finance

    LUXEMBOURG CITY, Luxembourg, December 9, 2023/ — New principles will guide multilateral development banks’ support for countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework; For the first time, multilateral development banks define common principles and the criteria for identifying and tracking nature-positive finance; Announcement follows COP26 Joint MDB Statement on Nature, People and Planet.

    The European Investment Bank (EIB) and fellow multilateral development banks (MDBs) have today published (https://apo-opa.co/3RdNOeQ) common principles for identifying and tracking nature-positive finance. The announcement comes on nature day of the United Nations COP28 climate change conference in Dubai, United Arab Emirates.

    The common principles aim to increase nature-positive finance by mainstreaming nature in MDB operations and investments in a systematic manner. This is one of the key deliverables from the COP26 Joint MDB Statement on Nature, People and Planet (https://apo-opa.co/4aeV2ba), in which multilateral development banks collectively committed to step up efforts for the protection, restoration and sustainable use of nature in support of the Kunming-Montreal Global Biodiversity Framework.

    Nature plays a critical role in providing resources and services that underpin the achievement of the Sustainable Development Goals and are essential to solving development challenges such as health, jobs and livelihoods, inequality, climate change, food security and fragility.

    EIB Vice-President Ambroise Fayolle, said: “Scaling up nature positive finance is key to solving the climate change, biodiversity loss and pollution crises. With the common principles for tracking nature-positive finance, MDBs are implementing a key deliverable from their joint statement on nature. At the EIB, from 2024 onwards, we will be integrating the common principles into our existing environmental sustainability tracking methodology. In doing so, we are committed to working with countries and the private sector to scale up nature positive investments worldwide.”

    The common principles will help guide the development and implementation of multilateral development banks’ respective frameworks and internal methodologies for tracking nature-positive finance as they support countries and the private sector in implementing the Kunming-Montreal Global Biodiversity Framework in a systematic manner.

    The common principles will also facilitate comparability across multilateral development banks in their respective screening and tracking processes.

    They will enable the EIB to better assess whether its finance is expected to deliver a meaningful and measurable positive contribution to nature, and to communicate such nature-positive outcomes. In addition, the common principles may be informative for other investors, including capital markets and governments.

    Distributed by APO Group on behalf of European Investment Bank (EIB).
    Press contacts:
    Bruno Hoyer,
    b.hoyer@eib.org,
    +352 621 886 056Shirin Wheeler,
    s.wheeler@eib.org,
    +32 474 242 494

    Press Office:
    +352 4379 21000
    press@eib.org

  • Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

    Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

    30th November 2023, Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global body of Islamic finance, is delighted to announce the adoption of a comprehensive roadmap for Islamic Sustainability. This roadmap was developed in collaboration with the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with coordination from the Central Bank of the UAE. The adoption ceremony took place at the headquarters of Central Bank of the UAE.

    In alignment with COP28, this roadmap underscores CIBAFI’s commitment, alongside other key infrastructure organizations, to enhance the role of the Islamic financial services industry in promoting sustainability and addressing global climate-related risks. The roadmap comprises initiatives and projects by these three organizations aimed at guiding the industry towards sustainable development.

    Dr. Abdelilah Belatik, Secretary General of CIBAFI, emphasized the importance of this initiative, stating, “Our commitment to sustainability has been ongoing for several years. This initiative, announced in conjunction with COP28 in the UAE, marks a significant step in normalising the role of Islamic finance in promoting sustainability. This collaboration would not have been possible without the coordination and support from the Central Bank of the UAE.”

    The signing of the declaration by the secretaries general of the three organizations was witnessed by H.E Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and senior officials from COP28.

    H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “This declaration issued by the Islamic Finance Infrastructure Organisations tends to foster Islamic sustainable finance globally, as it sets clear roadmap and objectives to support Islamic finance industry to integrate further sustainability considerations in their businesses and activities.  The CBUAE is pleased to have supported in the success of these discussions as part of its commitment to promoting sustainability and in keeping with the UAE’s vision of becoming an Islamic finance hub.”

    The Islamic Finance Infrastructure Organizations’ Declaration on the Roadmap for Islamic Sustainable Finance is a landmark, fostering collaboration among key players. This empowers the Islamic finance industry to contribute significantly to global sustainability goals.

    SOURCE

    CIBAFI
  • Uganda To Borrow Ksh.23 Billion From China After World Bank Halts Funding

    Uganda To Borrow Ksh.23 Billion From China After World Bank Halts Funding

    Uganda is preparing to borrow $150 million (Ksh.23 billion) from China’s Export-Import Bank (Exim) to help expand its internet infrastructure, the finance ministry said on Monday.The move underscores the East African country’s increasing reliance for credit on Chinese lenders after the World Bank halted all new lending to Uganda earlier this year in protest at a new anti-homosexuality law.

    A junior finance minister and the minister for information asked lawmakers on Monday to authorise the debt, the finance ministry wrote on X, the social media platform.

    The money, the ministry said, is “to finance the supply, installation, commissioning and support of the national data transmission backbone infrastructure.”

    Uganda is in negotiations with Chinese export credit agency SINOSURE and Exim Bank for a loan to finance the construction of a pipeline to help Uganda export its crude oil to international markets.

    The World Bank, traditionally Uganda’s biggest development lender, halted loans to Uganda after President Yoweri Museveni signed the Anti-Homosexuality Act which hands out tough sentences including death for a range of homosexual activities.

    SOURCE

    Citizen Digital News

    Photo:Getty Images,Credit Bloomberg

  • Islamic Development Bank Institute Joins Forces with Nigerian Exchange Limited to Boost Islamic Capital Markets in Nigeria

    Islamic Development Bank Institute Joins Forces with Nigerian Exchange Limited to Boost Islamic Capital Markets in Nigeria

    LAGOS, Nigeria, November 28, 2023/ — The Islamic Development Bank Institute (IsDB Institute) (https://IsDBInstitute.org) joined forces with the Nigerian Exchange Limited (NGX) to deliver an influential Islamic capital markets capacity-building workshop in Lagos, Nigeria.

    Organized under the theme “Economic Growth and Business Development Opportunities through the Islamic Capital Markets”, the workshop aimed to contribute to deepening the Nigerian capital markets through the listings and issuances of Islamic financial instruments.

    The workshop was held on 21 November 2023 and attracted 90 participants from across the Nigerian economic and financial sector. These included the Securities and Exchange Commission, National Pension Commission, Debt Management Office, Lagos State Government, NGX staff, and pension fund administrators. Others were senior representatives from law firms, banks, investment banks, fund managers, leasing and asset management companies, and heads of leading corporate and financial industry associations.

    The program commenced with keynote speeches by Mr. Jude Chiemeka (Executive Director, Capital Markets at the NGX), Mr. Dayo Obisan (Executive Commissioner, Operations at the Securities and Exchange Commission), and Dr. Sami Al-Suwailem (Acting Director General, IsDB Institute).

    The keynote messages celebrated this important partnership between the IsDBI and the NGX, and highlighted the prominent role that Islamic financial products and services can play in supporting Nigeria’s economic development, including through Sukuk for infrastructure projects, as well as providing liquidity to the corporate sector through equity and fund listings.

    The rest of the day featured six interactive and tailored capacity building sessions providing practical knowledge to the participants on Islamic capital markets regulations, products, and services. The sessions included discussions on contemporary issues and practices of Islamic finance in different jurisdictions and enriching the participants’ learning experience with real example case studies and success stories from around the world.

    The last session featured an open dialogue between the participants and the IsDBI trainers on practical measures needed to utilize Islamic capital markets to support inclusive economic growth and sustainable business practices in Nigeria. The overall program and its sessions were organized and delivered by two Senior Islamic Finance Specialists at IsDBI: Mr. Syed Faiq Najeeb and Dr. Abozer Mohamed.

    A closed-door workshop was also held on 22 November 2023 at the NGX Group House as a roundtable with the two IsDBI trainers and the NGX management and staff, focusing on building the prerequisite enabling environment at the NGX for boosting Islamic capital markets activity.

    Overall, this partnership between the IsDBI and the NGX opens doors for a longer-term strategic relationship between both institutions to further develop and deepen the Islamic capital markets in Nigeria.

    Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
    Media contact:
    Habeeb Idris Pindiga
    Associate Manager, Knowledge Horizons
    hpindiga@isdb.org
  • Accounting and Financial Professionals Must Lead Africa’s Transition to Sustainable Development

    Accounting and Financial Professionals Must Lead Africa’s Transition to Sustainable Development

    OHANNESBURG, South Africa, November 27, 2023/ — Accountants must be fit to lead Africa’s inclusive sustainable growth and economic recovery ensuring the continent’s place in the global arena, says ACCA, (The Association of Chartered Certified Accountants) (www.ACCAGlobal.com) as it readies for its annual conference held for the first time in South Africa.

    Hundreds of accounting professionals from across Africa are expected to gather at the Sandton Convention Centre, Johannesburg, for the fourth Africa Members Convention (AMC 2023) from December 6-8.

    Themed Empowering Finance Professionals for Sustainable Development in Africa the conference will develop earlier conversations on innovative technologies, integrated thinking for sustainable business practice, international sustainability reporting to drive accountability, developing trade competencies towards supporting intra-Africa trade and enabling members develop careers toward building a better world.

    “The accountancy profession has a fundamental role to play in the transformation of Africa’s economy, as outlined in Africa’s Agenda 2063 – The Africa We Want – which prioritises inclusive social and economic development, continental and regional integration, democratic governance and peace and security amongst other issues, “ said  Jamil Ampomah ACCA Director Africa, responsible for implementing ACCA’s strategy in the region and managing ACCA’s relationships with key African stakeholders – governments, regulators, policy makers, employers, international agencies and regional organisations.

    Several African governments have issued policies toward meeting their sustainability commitments underpinned by environmental, social and governance (ESG) considerations. Their adoption indicates the increasing importance of the sustainability agenda in both the private and public sector in Africa.

    The conference will look at sustainability from many angles including financing sustainable development programmes, ethics and professionalism; technology and AI; support of developmental policy, corporate social responsibility and developing accounting career for the future.

    The programme line-up brings together senior commercial and government financial professionals, from across the globe, including the World Bank’s International Bank for Reconstruction and Development,  and South Africa’s Deputy Auditor General.

    Jane Ohadike, Regional Head of Public Affairs for ACCA – Africa, responsible for setting the strategy for public sector and  governments across the region said: “Accountancy and finance professionals are important agents of change and we have identified seven priority areas in which accounting professional have a role. There are building resilient economies, developing the talent of tomorrow, driving sustainable business, advancing standards and regulation, transforming the public sector, supporting entrepreneurial growth and strengthening ethics and trust.

    “I really want to encourage accounting and financial professionals to attend the 2023 ACCA Conference to share their expertise and thinking while also using this platform to network and make strategic business connections.

    Registration is now open and more information can be found online at Africa Members Convention (https://apo-opa.co/47suIsj).

    Distributed by APO Group on behalf of Association of Chartered Certified Accountants (ACCA).

    For media enquiries, contact:
    ACCA News Room
    E: newsroom@accaglobal.co