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AFRICA : AN UNCERTAIN FUTURE?

As the global economy experiences unprecedented shifts, Africa’s time to shine draws closer. Economic pundits are ready to place their bets on this emerging market despite decades of civil unrest, tribal clashes and political and economic turmoil overshadowing this vast and ancient continent’s true economic potential. Although still unable to free itself from the shackles of corruption and poverty, a self-perpetuating cycle, the success of the African economy currently rests on its ability to attract multinational corporations and foreign direct investments from Asia and Europe. Over the last ten years, trade between African countries and the rest of the world has grown significantly; charting a 170% increase in trade with the GCC, and 45% growth with China and India, currently the world’s fastest growing economies. Chinese investors have expressed considerable interest in Africa, and are already heavily invested in manufacturing and infrastructure projects in countries such as Sudan and Ghana. In places such as Ethiopia and Ghana, over 60% of Chinese investments in the countries constitute manufacturing. And the Chinese government is keen to see these numbers grow, having recently pledged an additional US$20 billion to the African economy over the next three years with an eye to developing infrastructure, agriculture and the development of small businesses.

Ranked as the poorest continent in the world, Africa has posted strong growth rates in recent years, second only to Asia, drawing increasing inward investment and giving rise to talk of its economic resilience, accompanied by much self-congratulation among officials. However, despite a projected GDP of 4.5% this year, a much more optimistic prospect compared to the debt-ridden economies of the west, industry players warn that the continent should not take a backseat in terms of creating opportunities for trade and investment.

 

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CONTENTS
 
 
Latest Issue
Wednesday 10th September 2014
Volume 11 Issue 36
   
Cover Story
IFN Rapid
News Briefs
Asset Management
Takaful
Ratings
Moves
IFN Reports
  Fund focus: Innovative new offerings from EIIB-Rasmala
  IFN Weekly Poll: To assist in the development of cross-border activities and secondary trading, would it be feasible to establish a global Islamic stock exchange?
  IFN Deal Summary: Sukuk volumes could exceed expectations
  Islamic banks eye Shariah dollar through private banking services
  Goldman Sachs names banks to arrange Sukuk
  Growing global acceptance of Islamic instruments bodes well for sovereign Sukuk sector
  New investment approach in Saudi Arabia
  IFSA — at the expense of General Takaful operators?
  Malaysian GST and its impact on brokerage firms
  BTMU Malaysia-ICD financing agreement marks growing internationalization of Islamic finance
  UK government responds to public consultation on Shariah compliant student financing
  Sovereign Sukuk: Sharjah joins the big boys
  Khazanah Nasional issues innovative exchangeable Sukuk
IFN Country Correspondents
  Deepening Indonesia’s Shariah money market
  Oman: Islamic trade finance
IFN Sector Correspondents
  Takaful window for Zambia
  Habib Metro Bank’s new Islamic brand plans further expansion
  Treasury products: Islamic treasury products in global markets
IFN Country Analysis
  Saudi Arabia: An new era of evolution
IFN Sector Analysis
  Structured finance: The way forward
Case Study
Indonesian innovation

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