Islamic finance is set to gain traction across Africa as funding needs of growing economies on the continent increase and investors become comfortable with the legal structure of Sharia-compliant products, according to Moody's Investors Service.
Since the beginning of 2014, $2.3 billion (Dh8.44bn) has been raised in Africa through sukuk, or Islamic bond issuances, providing a new source of funding for sovereigns and private financial institutions. However, African Islamic bonds so far make up only 0.5 per cent of the global sukuk market.
"The desire within Africa for stronger investment links with the fast-growing economies in the Gulf and Asia that have large Muslim populations with large pools of capital will help drive the issuance of sukuk on the continent," Akin Majekodunmi, a vice president and senior credit officer, at Moody's, said in a report released on Wednesday.Demand for Sharia-compliant debt is growing in the Middle East and Asia among sovereigns, government-related entities, private issuers and financial institutions. Islamic bonds are becoming a preferred mode of raising funds and they give issuers access to an expanded pool of liquidity.
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There are, however, concerns about the legal structure of how deals are executed and some investors have emphasised the for a global legal standard for sukuk transactions.
As African sovereigns seek to diversify their funding base, the amount of sukuk they issue will likely increase, said Moody’s.
Egypt, Algeria, Morocco and Sudan have already expressed interest in issuing Islamic bonds this year or next and the rating agency expects at least $1bn worth of these deals to be executed in Africa over the next 18 months.
Moody’s also sees Africa's large Muslim population, which is predominantly unbanked, provide a solid foundation for the growth of Islamic banking assets on the continent. The agency estimates the share of Islamic banking assets as a percentage of total African banking assets will rise to more than 10 per cent over the next five years, from its current level of below 5 per cent.
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
The years Ramadan fell in May
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
