Filter: africa
MAURITIUS: Two banks to offer Islamic banking in Mauritius
Iqbal Belath, Deputy Governor, Bank of Mauritius, has said that the bank has given licences to two banks to launch Islamic banking services. He said this at the International Conference on Islamic Banking and Finance organised by AlHuda Centre of Islamic Banking and Economics Pakistan in Mauritius.
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UGANDA: Uganda takes control of Tropical
Uganda's Central Bank has taken control of Libyan-owned Tropical African bank to protect it from the UN sanctions being imposed on the assets of the North African country, according the CBU's governor, Emmanuel Tumusiime Mutebile.
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MOROCCO: Morocco plans to authorise first Islamic bonds
Morocco's central bank is in talks with the country's banking industry group GPBM on regulations that would allow Islamic bond issues, known as sukuk, the central bank head said.
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AFRICA: Islamic banking deepens financial services uptake
Islamic banks now control 0.9 per cent of total accounts, indicating increased penetration of financial services to a segment of the population that was hitherto excluded from the system due to its religious beliefs.
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KENYA: Outdated laws hold back growth in Islamic banking
The slow rate of reforms on laws governing Islamic banking is holding back the sector’s growth potential in the region and its contribution to the economy, a leading Islamic banking specialist has said. And as a result, Kenya risks losing investment to Uganda that has fully revised its banking rules and regulations to cater for Islamic financial institution needs.
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KENYA: Takaful launches Shariah-compliant insurance cover
A first fully Shariah-compliant insurance cover initiative has been launched in Kenya. The Takaful Insurance of Africa Limited has introduced an insurance package grounded in Islamic Muamalat, the Islamic Banking Principles espoused in Islamic law and aims at serving all Kenyans across religious faiths.
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KENYA: More Shariah compliant products in the offing
Shariah compliant insurance products will now be available in the market with the entry of Takaful Insurance of Africa.
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NIGERIA: Nigeria to boost Shariah banking
Central Bank of Nigeria Governor Lamido Sanusi said in a March 4 interview in London three non-Islamic banks had expressed interest in opening Sharia-compliant "windows."
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NIGERIA: Nigeria to expand Islamic banking with assistance from Malaysia
Nigeria plans to license at least two Islamic financial institutions by the end of the year and is getting assistance from Malaysia to expand its Shariah-compliant industry, in a nation where 70 percent of people have no access to regular banking services.
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NIGERIA: CBN set for Islamic banking
The Central Bank of Nigeria (CBN) is set to commence the full implementation of Islamic banking.
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