East Africa: Islamic Financing Steps Up Profile

The Islamic Corporation for the Development of the Private Sector (ICD) and the African Export-Import Bank (Afreximbank) have signed an agreement under which they will cooperate in the development of the private sector in ICD member countries in Africa. However, Uganda is the only member ICD country in the East African Community. According to the agreement, ICD and Afreximbank will share information on projects and business opportunities in Africa and on participation in the arrangement of syndications or investment in funds. The two will also cooperate in structuring sukuk/debt capital market transaction opportunities, co-invest in Islamic leasing companies and support local financial institutions in Africa.