Category archives for: Islamic Finance

Jeffrey Sachs' Millennium Villages to expand with £67m loan

Jeffrey Sachs' Millennium Villages to expand with £67m loan

<p>The Islamic Development Bank (IsDB) is to provide $104m (&pound;67.3m) in loans to African governments to fund an expansion of Millennium Villages, the controversial project led by Jeffrey Sachs, director of Columbia University's Earth Institute. About $40m of the money will go towards a flagship sustainable villages programme (SVP) in Chad, Mozambique, and Sudan. In addition, $29m will support the extension of existing Millennium Village projects (MVPs) in Mali, Senegal and Uganda, while $35m will be used for a drylands initiative in Djibouti, Somalia and Uganda. Governments will team up with the IsDB, the Earth Institute, and its partner, Millennium Promise, to carry out the projects. The Millennium Village project covers more than 500,000 people in 14 areas of 10 countries in different environments across Africa. Each site was considered a "hunger hot-spot" at the time the project began in 2006. The concept works on the principle of interventions across several key areas &ndash; health, education, enterprise and agriculture &ndash; over a 10-year period.</p>
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<p><a href="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank" title="http://www.theguardian.com/global-development/2013/aug/13/millennium-villages-project-islamic-development-bank">http://www.theguardian.com/global-development/2013/aug/13/millennium-vil…</a></p>
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Abu Dhabi Islamic Bank plans North Africa expansion

Abu Dhabi Islamic Bank plans North Africa expansion

<p>Abu Dhabi Islamic Bank plans to branch out in North Africa as the UAE-based lender seeks to reach a larger population. The bank applied for licenses in Algeria and Libya and is considering new operations in Tunisia and Morocco. Chief executive Tirad Mahmoud said the bank is seeking to expand in nations with a critical mass in terms of population and economic activity. Abu Dhabi Islamic Bank has also moved into countries including Saudi Arabia, Egypt and Sudan, Mahmoud said. The bank wants to be better placed to serve companies, such as Dubai-based mall operator Majid al-Futtaim, which operate across the Middle East and North Africa. Banks that comply with Islam&rsquo;s ban on interest have become increasing popular after the revolts implemented Islamists into power in some North African countries.</p>
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<p><a href="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html" title="http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/Abu-Dhabi-Islamic-Bank-plans-North-Africa-expansion.html">http://english.alarabiya.net/en/business/banking-and-finance/2013/08/12/…</a></p>
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Finance minister: Laws and regulations governing Islamic Bonds set to continue

Finance minister: Laws and regulations governing Islamic Bonds set to continue

<p>Laws, legislative rules and regulations governing Islamic bonds will be implemented as planned, as part of government efforts to revive the economy, according to Egyptian Finance Minister Ahmed Galal. However, he refused to say who would assume the role of Chairman of the Islamic Bonds Division within the ministry, after the sacking of previous chairman Ahmed Al-Nagar. Ahmed Al-Gabali, Advisor to the Minister on Islamic Bonds, is reportedly interested in the position but will need to be made aware of the nature of the job before applying. Galal previously published a decision to dispose of a number of legal advisors and chairmen of financial units due to their affiliation with the Muslim Brotherhood, among them Ahmed Al-Nagar, previous Chairman of the Ministry of Finance&rsquo;s Islamic Bonds Divisi&oacute;n.</p>
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<p><a href="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/" title="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/">http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regul…</a></p>
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Almaty to be center of Islamic finance by 2015

Almaty to be center of Islamic finance by 2015

According to Mr. Darkhan Nurpeissov, Vice Chairman of the Agency regulating the Regional Financial Center of Almaty (RFCA), Almaty is to be transformed into a global center of Islamic finance by 2015-2020. By 2012-2015 it is planned to put in place inf…

El Wifack Leasing applies for approval to practice as Universal Islamic Bank

El Wifack Leasing applies for approval to practice as Universal Islamic Bank

The board of directors of El Wifack Leasing company wants to transform itself into a Universal Islamic bank and has submitted an application to the Central Bank of Tunisia (BCT) in order to get the approval. The transformation of the company comes by v…

«El Wifack Leasing» veut se transformer en Banque islamique

«El Wifack Leasing» veut se transformer en Banque islamique

<p>Le conseil d&rsquo;administration de la soci&eacute;t&eacute; &laquo; El Wifack Leasing &raquo; a d&eacute;pos&eacute; aupr&egrave;s de la Banque centrale de Tunisie (BCT) une demande d&rsquo;agr&eacute;ment pour la transformation de la soci&eacute;t&eacute; en Banque islamique universelle. Dans un communiqu&eacute; publi&eacute; sur le site du Conseil du march&eacute; financier (CMF), la m&ecirc;me source souligne que l&rsquo;instruction du dossier d&rsquo;agr&eacute;ment demeure encore au stade initial et que le conseil d&rsquo;administration de la soci&eacute;t&eacute; El Wifack Leasing ne peut s&rsquo;exprimer jusque l&agrave; sur les issues potentielles que peut prendre cette demande. A d&eacute;faut d&rsquo;obtention de l&rsquo;agr&eacute;ment, la soci&eacute;t&eacute; continuera &agrave; d&eacute;velopper son activit&eacute; et lancera sa deuxi&egrave;me tranche d&rsquo;augmentation de capital, a avanc&eacute; El Wifack Leasing.</p>
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<p><a href="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/" title="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/">http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut…</a></p>
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«El Wifack Leasing» veut se transformer en Banque islamique

«El Wifack Leasing» veut se transformer en Banque islamique

<p>Le conseil d&rsquo;administration de la soci&eacute;t&eacute; &laquo; El Wifack Leasing &raquo; a d&eacute;pos&eacute; aupr&egrave;s de la Banque centrale de Tunisie (BCT) une demande d&rsquo;agr&eacute;ment pour la transformation de la soci&eacute;t&eacute; en Banque islamique universelle. Dans un communiqu&eacute; publi&eacute; sur le site du Conseil du march&eacute; financier (CMF), la m&ecirc;me source souligne que l&rsquo;instruction du dossier d&rsquo;agr&eacute;ment demeure encore au stade initial et que le conseil d&rsquo;administration de la soci&eacute;t&eacute; El Wifack Leasing ne peut s&rsquo;exprimer jusque l&agrave; sur les issues potentielles que peut prendre cette demande. A d&eacute;faut d&rsquo;obtention de l&rsquo;agr&eacute;ment, la soci&eacute;t&eacute; continuera &agrave; d&eacute;velopper son activit&eacute; et lancera sa deuxi&egrave;me tranche d&rsquo;augmentation de capital, a avanc&eacute; El Wifack Leasing.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/" title="http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut-se-transformer-en-banque-islamique/">http://directinfo.webmanagercenter.com/2013/08/11/el-wifack-leasing-veut…</a></p>
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Islamic bonds set for new heights

Islamic bonds set for new heights

<p>The global sukuk market is poised for a record-breaking year, according to Standard Chartered Saadiq's chief executive officer Wasim Saufi. Standard Chartered expects demand for Islamic bonds to help push sales to levels unseen before this year although Islamic bond sales fell by as much as 11 per cent for the first six months of the year. Wasim said several issuances are in the pipeline, including a few being evaluated for dollar sukuk to be issued by Malaysian companies. One that is in the pipeline is Khazanah Nasional&rsquo;s sale of US$1 billion of convertible Islamic bonds. Ernst &amp; Young LLP in a December 2012 report predicted that the global demand for sukuk will reach US$950 billion by 2017. According to Bloomberg-compiled data, global sukuk sales hit US$18.8 billion in the first half of the year.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.btimes.com.my/Current_News/BTIMES/articles/20130811230531/Article/index_html" title="http://www.btimes.com.my/Current_News/BTIMES/articles/20130811230531/Article/index_html">http://www.btimes.com.my/Current_News/BTIMES/articles/20130811230531/Art…</a></p>
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Islamic bonds set for new heights

Islamic bonds set for new heights

<p>The global sukuk market is poised for a record-breaking year, according to Standard Chartered Saadiq's chief executive officer Wasim Saufi. Standard Chartered expects demand for Islamic bonds to help push sales to levels unseen before this year although Islamic bond sales fell by as much as 11 per cent for the first six months of the year. Wasim said several issuances are in the pipeline, including a few being evaluated for dollar sukuk to be issued by Malaysian companies. One that is in the pipeline is Khazanah Nasional&rsquo;s sale of US$1 billion of convertible Islamic bonds. Ernst &amp; Young LLP in a December 2012 report predicted that the global demand for sukuk will reach US$950 billion by 2017. According to Bloomberg-compiled data, global sukuk sales hit US$18.8 billion in the first half of the year.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.btimes.com.my/Current_News/BTIMES/articles/20130811230531/Article/index_html" title="http://www.btimes.com.my/Current_News/BTIMES/articles/20130811230531/Article/index_html">http://www.btimes.com.my/Current_News/BTIMES/articles/20130811230531/Art…</a></p>
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Khalifa Fund organises Abu Dhabi Forum on Entrepreneurship

Khalifa Fund organises Abu Dhabi Forum on Entrepreneurship

TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young …

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