Mauritania

Islamic Banks seek Mauritanian depositors

Mauritania is turning to Islamic finance to modernise its banking sector, trying to raise the number of people with accounts from its meagre levels today and in turn increase liquidity so banks can lend more to companies. Many of the Islamic republic’s citizens are uncomfortable with western banking, opting for informal banking collectives or just “keeping money under the bed”, says one local banking executive. Dieng Adama Boubou, director of banking supervision at the Mauritanian central bank, says that the goal was to increase the number of people with bank accounts from 10 per cent today to 25 per cent by 2018, partly by promoting Islamic banking.

Still springtime in North Africa? [Banker Middle East]

North Africa is moving towards the development of the Islamic financial industry as a response to the protests in several countries of the Arab world. Although there are some difficulties to overcome like low banking penetration and limited development of retail banking in general, there ist still potential for growth and progress. However, until a more stable political environment is provided, Shari'ah-compliant banking will be a niche market in North Africa.

Central Bank of Mauritania planning Islamic Treasury Bills

Mauritania is working on the development of an Islamic interbank market. The initiative has already begun with the establishment of several Islamic banks. Recently, the Central Bank of Mauritania (BCM) conducted a study on the potential development of a local Shari'ah-compliant securities market. The study was made possible with technical help and expertise of IFAAS (Islamic Finance Advisory & Assurance Services).

Mauritania’s second Islamic bank signs for Path Solutions’ iMAL

Banque Populaire de Mauritanie (BPM) recently announced its decision to use Path Solutions's new iMAL as its Islamic Core Banking Solution in order to keep up with the national and international competition in terms of functionality and technical state. According to Limam Ould Ebnou - AGM of Groupe Mauritanie Leasing, the owner of BPM - Groupe Mauritanie Leasing is set to diversify their activities. Banking operations compliant with Islamic law are a key area in the financial group's plans. Thus a suitable alternative to conventional banking and the establishment of socio-economic infrastructure in the country can be ensured.

Islamic Banking and Finance in North Africa

In its new publication, Islamic Banking and Finance in North Africa, the African Development Bank assesses the state of Islamic banking in the region and explains why its use has been limited. The report considers the future potential of Islamic finance, including its possible alignment with North Africa’s development goals, particularly its ability to increase the diversification of funding sources.

The report takes into consideration the effect of Islamic banking’s focus on the equitable distribution of risk and returns between suppliers and users of funds. Islamic Banking and Finance in North Africa goes further by exploring whether Islamic-style finance contracts could contribute to the development objectives of North African countries.

full report for free download: http://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operati...

IDB board approves over $772m for new projects

Nine member countries have been approved to receive financing. They are Indonesia, Uzbekistan, Bangladesh, Pakistan, Sudan, Turkmenistan, Gambia, Mauritania and Albania.
The financing includes technical assistance in the form of grants for development projects in Benin, Chad, Togo, the GCC and grants and concessional loans for Sudan.
The approved financing also includes health and educational projects directed towards communities in non-member countries including Congo, Fiji, India and South Africa.

Source: 

http://www.zawya.com/story.cfm/sidGN_06102010_061069/IDB%20board%20approves%20over%20$772m%20for%20new%20projects

ICD studies new bank for Maldives and Sukuk for Mauritania and Indonesia

Khaleej Times reported on 26 March about The Islamic Corporation for the Development of the Private Sector (ICD), an arm of the Jeddah-based Islamic Development Bank (IDB).
 
According to Khaled M. Al Aboodi, the new CEO, international projects include the feasibility study to establish an Islamic bank in Maldives and further studies regarding sukuk issues of banks in Mauritania and Indonesia. ICD has also initiated an Islamic investment bank in Azerbaijan.
 
In Saudi-Arabia ICD has established a real estate company called Ewaan, which is capitalised at SR4 00 mn. The company plans to build housing complexes for the low and middle-income people.
 
ICD provides a variety of financial products to its clients such as direct financing through equity participation, term-financing, line of financing to commercial banks and national development financing institutions (NDFIs), short-term corporate finance, asset management, structured financing, and advisory services to private and public companies.
 
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