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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 19th November 2014
Volume 11 Issue 46
   
Cover Story
IFN Rapid
News Briefs
Asset Management
Takaful
Ratings
Moves
IFN Reports
  EXCLUSIVE: IIFM launches new global standard documentation on collateralized Murabahah
  CIMB Islamic signs MoU with IRTI to produce comprehensive Islamic finance country reports for Southeast Asian markets
  China to enter the Islamic finance market?
  Islamic Bank of Thailand — is there still hope?
  Real estate — driving globalization of Islamic finance
  Sovereign Sukuk: Chasing the year-end
  IFN Dealogic Roundup: Surge to come for the end of the year?
  UK firm adds Islamic fund to portfolio as it expands partnership with Emirates NBD Asset Management
  Alliance Capital Management — new management, fresh perspectives
  IFN Weekly Poll: With Germany’s GIZ exploring opportunities in Islamic microfinance, will we see this particular sector flourish in 2015?
  Into Japan: RAM signs collaboration agreement with R&I
  BancaTakaful increasingly becoming the preferred option to break into market
IFN Country Correspondents
  A great fit: Brunei’s Islamic finance and oil & gas industries
  The potential of Zakat collection in Indonesia
IFN Sector Correspondent
  Private equity activity increases in the GCC
IFN Country Analysis
  Islamic finance in Iran: A world of potential
IFN Sector Analysis
  Islamic private equity and venture capital: The way forward
Feature
  A vintage year for Gulf IPOs
This year has seen a resurgence of activity in the Middle East equity capital markets, with players such as National Commercial Bank and Qatar Petroleum in the spotlight and growing interest from both regional and international investors in GCC stock exchanges...
Case Study
Halal meat financing in Chicago: Barkaat Foods

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