Tagged: Africa

Power: FG seeks $450m from Islamic Development Bank

Power: FG seeks $450m from Islamic Development Bank

<p>The Federal Government of Nigeria has sought the support of the Islamic Development Bank for the provision of about $450m to expand the power transmission system to wheel up to 20,000 megawatts of electricity. According to Vice-President Namadi Sambo, more funds need to be injected in the transmission component. Sambo also called on the bank to consider the construction of a road linking Lagos to Abidjan, the capital of C&ocirc;te d&rsquo;Ivoire. Moreover, he requested the IDB to extend its support to the Nigerian private sector in the areas of education, aviation and agriculture. IDB has already approved the construction of four new science secondary schools in Kaduna State worth $17,9m; construction of a 300-bed specialist hospital in Kaduna State at $43.15m; and the Zaria water supply project worth $81.0m. Furthermore, the$32.40m Jigawa State rural development project and the bilingual education programme for Borno, Gombe and Niger states worth $30.53m are under consideration.</p>
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<p><a href="http://www.punchng.com/business/business-economy/power-fg-seeks-450m-from-islamic-development-bank/" title="http://www.punchng.com/business/business-economy/power-fg-seeks-450m-from-islamic-development-bank/">http://www.punchng.com/business/business-economy/power-fg-seeks-450m-fro…</a></p>
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Islamic banking nears its big breakthrough in Africa

Islamic banking nears its big breakthrough in Africa

<p>While Islamic banking assets have grown rapidly around the world to stand at more than USD1.3 trillion at the end of 2012, the industry has remained in its infancy in Africa. However that could be about to change. By the end of this decade it&rsquo;s quite possible that banking complying with Shariah law could grow to account for up to 10 per cent of banking assets in five or six sub-Saharan African countries, including Kenya and Nigeria. Behind the buzz is real demand from African domestic consumers for the choice to bank in accordance with their faith. Governments and regulators in Africa no longer view Islamic banking as a niche industry, but actively seek to encourage its development. There&rsquo;s also growing awareness of the significant liquidity pool now available in Islamic finance, particularly across the Middle East, as a source of funding for crucial infrastructure investment. Sub-Saharan Africa has a great opportunity to develop a healthy Islamic banking eco-system much faster than other regions of the world.</p>
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<p><a href="http://www.cpifinancial.net/features/category/islamic-finance/post/22307/islamic-banking-nears-its-big-breakthrough-in-africa" title="http://www.cpifinancial.net/features/category/islamic-finance/post/22307/islamic-banking-nears-its-big-breakthrough-in-africa">http://www.cpifinancial.net/features/category/islamic-finance/post/22307…</a></p>
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MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), Bill and Melinda Gates Foundation Create “Geospatial Mapping of Financial Institutions” Program to Reach Unbanked Nigerians

MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), Bill and Melinda Gates Foundation Create “Geospatial Mapping of Financial Institutions” Program to Reach Unbanked Nigerians

<p>The Central Bank of Nigeria (CBN) reportedly has partnered with the Bill and Melinda Gates Foundation (BMGF) to form a new initiative called &ldquo;Geospatial Mapping of Financial Institutions&rdquo; that aims to increase the financial inclusion of low-income Nigerians. The new service will map all financial access points in Nigeria, including every microfinance institution and off-site ATMs, that Nigerians will be able to see online or on their mobile phones. The program reportedly will also enable the government and banks to determine whether certain regions of the country lack access to an appropriate number of financial services. BMGF will provide a monetary grant of an unspecified amount in order to pursue this goal. This new project is part of CBN&rsquo;s initiative, the Nigeria Financial Inclusion Strategy (NFIS). The amount of monetary support that CBN has contributed to NFIS is unavailable.</p>
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<p><a href="http://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-bill-and-melinda-gates-foundation-create-geospatial-mapping-of-financial-institutions-program-to-reach-unbanked-nigerians/" title="http://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-bill-and-melinda-gates-foundation-create-geospatial-mapping-of-financial-institutions-program-to-reach-unbanked-nigerians/">http://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-c…</a></p>
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Interest free loans gaining popularity, observes banker

Interest free loans gaining popularity, observes banker

<p>Banc ABC&rsquo;s Head of co-operate Services, Zulfikar Chando has pointed out that Islamic banking would fuel investment and spending which will in turn support national economic development. The demand for this service with no interest rates shows the need to implement it and make it accesible, he added. BancABC also announced that for the upcoming annual pilgrimage to Mecca later this year in October, the bank has prepared special Visa cards at all their branches to ease the preparation of flight, accommodation and other details of the Holy trip. The service ensures ease and safety while travelling to any destination world wide, Zulfikar Chando explained that clients can choose between prepaid BancABC VISA cash card and BancABC Visa travel money, specifically made for travelling.</p>
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<p><a href="http://www.ippmedia.com/frontend/index.php?l=57368" title="http://www.ippmedia.com/frontend/index.php?l=57368">http://www.ippmedia.com/frontend/index.php?l=57368</a></p>
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Nigeria planning to raise a sukuk bond worth $62 million

Nigeria planning to raise a sukuk bond worth $62 million

<p>The Osun State government in southwestern Nigeria is planning to raise a sukuk bond worth 10 billion Nigerian nairas (some $62 million) from the capital market to fund infrastructural development. The state is awaiting final approval from the Security and Exchange Commission (SEC). The seven-year bond would be issued through a book-building process, which would earn returns for sukuk holders through a semi-annually paid rent structure called the Ijara. A local credit ratings agency, Agusto and Co, has given the note &ndash; to be listed on the Nigerian Stock Exchange &ndash; an A rating. The move as part of a 60 billion naira debt-raising program by Osun State, which started last year. The funds will be used to finance construction of education projects, among other development initiatives.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.worldbulletin.net/?aType=haber&amp;ArticleID=113558" title="http://www.worldbulletin.net/?aType=haber&amp;ArticleID=113558">http://www.worldbulletin.net/?aType=haber&amp;ArticleID=113558</a></p>
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Islamic Finance Industry Development Challenge

Islamic Finance Industry Development Challenge

<p>The shift in global banking is not a trend, and the challenge for all of us is to bridge the gap in financial practice and seize the opportunities that lie ahead, bringing ethics back into finance.</p>
<p>Thomson Reuters and Abu Dhabi Islamic Bank (ADIB) are partnering to launch the world&rsquo;s first Ethical Finance Innovation Challenge and Awards (EFICA). In the dawn of a new economic world, these awards are designed to inspire and recognise a fresh way of thinking by promoting some of the most dynamic, innovative ideas and solutions around integrity and growth.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://updates.thomsonreuters.com/events/efica/#" title="http://updates.thomsonreuters.com/events/efica/#">http://updates.thomsonreuters.com/events/efica/#</a></p>
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Jaiz Bank Increases Branches To 10

Jaiz Bank Increases Branches To 10

Nigerian Jaiz Bank has increased its branch network to ten, with the commissioning of its Katsina branch. The bank commenced operations with three branches in Abuja, Kaduna and Kano states on January 6, 2012, after it received licence from the Central …