Arab Today, arab today icd to open two new islamic banks
Last Updated : GMT 14:10:19
Arab Today, arab today
Arab Today, arab today

ICD to open two new Islamic banks

Arab Today, arab today

Arab Today, arab today ICD to open two new Islamic banks

Djibouti - Arabstoday

The Islamic Corporation for the Development of the Private Sector (ICD), a private sector arm of the Islamic Development Bank Group, is opening two new Islamic banks in Mali and Benin in 2013, to provide Islamic financial services in the areas currently greatly underserved, Khaled Al-Aboodi, chief executive officer and general manager of ICD, announced this week. Al-Aboodi, who was speaking at the Islamic Banking Summit, also stated that it is planning to issue a $ 200 million sukuk for the government of Senegal to provide liquid Islamic products for Islamic banks. “We see sukuk as the “jewel in the crown” of Islamic finance and we are currently working on the structuring issues for several African countries. This is a development we see as providing a tremendous boost for African Islamic infrastructure finance,” he said. More than 50 percent of the population in Africa is Muslim. “The issue for Islamic banking in Africa is not on the demand side which is potentially massive, but rather it is a supply side issue,” explained Al-Aboodi. “The uniqueness of Islamic banking principles makes this a perfect alternative to the traditional and conventional banking system that leaves a larger part of Africans unsatisfied. Islamic interest free modes of financing should be seen as a parallel mode of finance which can coexist with interest-based conventional financing to ensure the African population has a competitive market place with Islamic financing finding its place.” ICD has long had an ambitious series of projects, applying Islamic finance principles, to African infrastructure needs. “Africa critically needs more infrastructure investment, roads, housing, schools and hospitals for achieving its development goals, and a variety of initiatives have been put in place,” said Al-Aboodi.” Some 10 African countries received financing approvals from the ICD between 2010-2012, with the largest beneficiaries being Mauritania, Sudan, Gabon, Gambia and Mali. “African nations face huge challenges,” said Al-Aboodi. “The large vacuum in financial sector services in Africa have not been filled by the conventional banking in recent years and that is why Islamic finance can create a competitive edge for all financial institutions to explore these untapped markets. “To that end the ICD stands ready to cooperate and extend its available expertise and resources to all potential partners and viable projects to pay its tribute to the development of this great region,” he added. Arabnews

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today icd to open two new islamic banks Arab Today, arab today icd to open two new islamic banks

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday