Djibouti

#Djibouti : Ismaïl Omar Guelleh a foi en la finance islamique

Le Global Islamic Finance Award, remis le 6 septembre au président Ismaïl Omar Guelleh, récompense la formidable croissance de la finance islamique à Djibouti. Depuis la libéralisation du secteur bancaire, en 2006, les trois acteurs du pays, Saba Islamic Bank, Salaam African Bank et East Africa Bank, sont parvenus à s’octroyer 25% des comptes et 21% du total des actifs de la place. En 2016, pour veiller à la régularité des produits financiers, le pays a d’ailleurs installé un Comité national de la charia. Depuis six ans, la Banque centrale de Djibouti organise le grand rendez-vous africain de la finance islamique, l’International Islamic Banking Summit in Africa (IIBSA), dont la prochaine édition aura lieu en 2018.

#Djibouti sees #Islamic #finance sector #expanding, aims for Sukuk

Djibouti expects to see new entrants in its Islamic finance sector and the government plans to work on a framework to allow the use of Sukuk, or Islamic bonds, to fund infrastructure projects, its central bank governor said.
Djibouti, a country of less than a million people located on the Horn of Africa, is a relative newcomer to Islamic finance, having introduced sector-specific legislation in 2011, but authorities hope it can increase banking penetration in rural areas while also attracting foreign investment.
The government has established a national Sharia board to help oversee the sector, appointing five members to the independent body last week, central bank governor Ahmed Osman said in an interview.
The move could help Islamic finance by improving consumer perception of the industry and providing greater clarity on contracts which follow religious principles such as bans on interest and gambling. The government is in discussions with the Saudi-based Islamic Development Bank to secure a technical mission to help establish a framework to issue sukuk.

#Djibouti sees Islamic finance sector expanding, aims for #sukuk

Djibouti plans to work on a framework to allow the use of sukuk to fund infrastructure projects. Djibouti is a relative newcomer to Islamic finance, having introduced sector-specific legislation in 2011. Central bank governor Ahmed Osman said the government has established a national sharia board to help oversee the sector, appointing five members to the independent body. The government is in discussions with the Saudi-based Islamic Development Bank to help establish a framework to issue sukuk for either the government or state-owned enterprises. The central bank is also in discussions with two lenders seeking to open Islamic windows. Currently three of Djibouti's 10 banks are Islamic: Saba Islamic Bank, Salaam African Bank and East Africa Bank.

Islamic Finance: Ushering in a New Era of Growth for Africa

Markets across Africa now offer a world of exciting growth opportunities, with experts projecting that 7 out of the 10 fastest growing economies in the world will be in Africa. Djibouti is rapidly becoming an important hub for Islamic finance in Africa, with strong support coming from the President.
The Central Bank of Djibouti is leading the way in terms of driving the practical legal and regulatory framework. Djibouti's strong commitment to Islamic finance is further cemented by its drive to connect with memberships in important international industry organizations, such as the Islamic Financial Services Board and the General Council for Islamic Banks and Financial Institutions.

Djibouti to host International Islamic Banking Summit

The International Islamic Banking Summit Africa will take place on November 4-5 in Djibouti. The conference will convene international industry leaders to boost economic development and facilitate greater trade and investment flows between Africa and the OIC markets through Islamic finance. It has a format spread over 2 days and will be officially inaugurated on the 4th of November with special keynote addresses by Ahmed Othman, Governor of the Central Bank of Djibouti; Abdelrahman Hassan Abdelrahman Hashim, Governor, Central Bank of Sudan; and Ijlal Alvi, Chief Executive Officer, The International Islamic Financial Market (IIFM).

Djibouti plans to become Africa’s Islamic finance hub

Djibouti has hosted the last three summits of the African Conference of Islamic finance, mainly in order to attract foreign direct investment, including Muslim countries. The country’s economic expansion depends entirely on the service sector. Islamic banks have helped strengthen Djibouti’s financial ambitions. The four Islamic banks that have settled down the last eight years in the country are now holding 15 to 20% market share. Thesê banks could make Djibouti a sub-regional financial center.

UN, World Bank and Islamic Development Bank commit 8 billion dollars in Major New Development Initiative for the Horn of Africa

Leaders of global and regional institutions pledge political support and major new financial assistance for countries in the region, totaling more than $8 billion over the coming years. UN Secretary-General Ban Ki-moon, the World Bank Group (WBG) President, Jim Yong Kim, as well as the President of the Islamic Development Bank Group and high level representatives of the African Union Commission, the European Union, the African Development Bank, and Intergovernmental Agency for Development (IGAD) are combining forces to promote stability and development in the Horn of Africa. The initiative covers the eight countries in the Horn of Africa -- Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan, and Uganda.

Djibouti enlists Islamic finance to boost banking penetration

Djibouti is promoting Islamic finance to increase banking penetration in the tiny African nation and help fund upgrades to the country's infrastructure. Since most people are still not customers of banks, Djibouti sees sharia-compliant finance as a way to pull itself out of poverty and to assemble capital for investment. Central bank governor Ahmed Osman said banking penetration had risen from 10 percent of the population six years ago to 17 or 18 percent now, but that conventional banks were not attractive to many people for religious reasons. The spread of Islamic banking will also help authorities move more business activity from the informal economy to the formal sector.

New growth opportunities for Islamic finance in Africa to be explored at IBSA 2013

More than 250 leading players, key regulators and thought leaders in the international Islamic banking and finance industry will be gathering on the 6th & 7th of November 2013 in Djibouti, for the 2nd Annual Islamic Banking Summit Africa (IBSA 2013). Held under the theme “Islamic Finance and Takaful: Capturing the Africa Opportunity”, IBSA 2013 will provide a platform to specifically focus on the opportunities and challenges that are forging the Islamic banking, finance, Takaful/ReTakaful, and investment landscape in Africa. IBSA will also provide a platform for industry players seeking to further build their presence in the evolving African markets for Islamic finance and to explore emerging opportunities which will further increase the momentum of growth.

Millennium Development Goals in Rural Africa Get $100 Million Boost

The Islamic Development Bank (IDB) and its poverty reduction arm, the Islamic Solidarity Fund for Development (ISFD), have now extended more than $100 million in financing to help eight African nations combat extreme poverty, improve public health and achieve more sustainable development. In each of these projects, host governments will partner with the IsDB, the Earth Institute and Millennium Promise to carry out the projects. The combined $104 million will finance three major programs: The ISFD’s new flagship Sustainable Villages Program (SVP) in Chad, Mozambique, and Sudan ($40 million), Scale-ups of the Millennium Villages Project in Mali, Senegal and Uganda ($29 million), Implementation of the Drylands Initiative in Djibouti, Somalia and Uganda ($35 million). The $104 million will be provided in the form of Islamic finance to the recipient countries, except in the case of a grant provided to Somalia. All of these countries are members of the bank.

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

The Islamic Development Bank (IsDB) is to provide $104m (£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 – health, education, enterprise and agriculture – over a 10-year period.

Djibouti develops framework for Islamic Microfinance

The central bank of Djibouti develops a regulation for Islamic microfinance as it is seen as a strategic tool to fight poverty. The Agence Djiboutienne de Développement Social (ADDS) aims to establish a widespread network for Islamic microfinance.

IBSA to extend Islamic banking in Africa

Recently, the Islamic Banking Summit Africa (IBSA) started at the Djibouti Palace Kempinski, Djibouti. The main purpose of the event is to make use of the Africa opportunity in Islamic finance. More than 200 leading figures in the international Islamic banking and finance industry took part in the discussions on the topic. A special address by Ismail Omar Guelleh, President of Djibouti, and a keynote address by Djama M. Haid, Governor of the Central Bank of Djibouti, were included in the summit. Key challenges for Islamic banking in Africa were analyzed and discussed at length.

Two Islamic banks seeking expansion in Somalia

Saba Islamic Bank of Yemen and Dahabshil Bank of Djibouti are making plans to engage in operations in Somalia in the coming year. Basel Haj-Issa, the new CEO of Saba Islamic Bank, said at the Islamic Banking Summit Africa in Djibouti that the reason for the bank's expansion into Somalia is the client demand. Since trade between Djibouti and Somalia is quite intensive, many clients of the bank need Islamic banking services in the country.

Djibouti: Islamic finance to capture growth opportunities in Africa

The two-day inaugural Islamic Banking Summit Africa (IBSA), which was held at at the Djibouti Palace Kempinski, Djibouti, focused on topics concerning 'capturing the Africa opportunity in Islamic finance'. More than 200 leading figures in the international Islamic banking and finance industry took part in the discussions. The event was officially supported by the Central Bank of Djibouti. The programme of the first day included keynotes from President of the Republic of Djibouti Ismail Omar Guelleh, and Governor of the Central Bank of Djibouti Djama M. Haid.

Africa eyes Islamic finance

Over 200 leading figures in the international Islamic banking and finance industry took part in the inaugural Islamic Banking Summit Africa in Djibouti. They discussed various topics concerning capturing the Africa opportunity in Islamic finance. The two-day was held at the Djibouti Palace Kempinski and was officially supported by Central Bank of Djibouti. On the summit, it was pointed out that Africa was becoming an increasingly attractive destination for Sharia-compliant investments.

New Islamic Bank in Djibouti

AllAfrica reported on 27 December 2008 about the openining of Salam African Bank collaborated by Somali and Djibouti businessmen and openend by Djibouti president Ismail Omar Guelleh.

Mohamed Yusuf Ahmed Allore is said to be one of the managers.

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