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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 1st October 2014
Volume 11 Issue 39
   
Cover Story
IFN Rapid
News Briefs
Asset Management
Takaful
Ratings
Moves
IFN Reports
  Building on previous success: The Al-Ameen Islamic Principal Preservation Fund IV
  IFN Global Trendswatch
  IFN Weekly Poll: As the global financial community looks towards the emerging markets, could these countries potentially be the prime upcoming destinations for Islamic finance activities?
  IFN Eurekahedge Islamic Fund Index round-up
  Sovereign Sukuk: An aerial view
  New Islamic banking laws to complement Azerbaijan’s banking sector
  NBAD targets Muslim wealth with Shariah compliant version of star conventional fund
  REDmoney partners with NASDAQ Dubai and AIMS to develop Islamic finance human capital pool
  Islamic finance and agriculture: An unrealized area of potential
  Combining the best of both worlds in expanding Islamic finance talent pool
  Rasameel and Ejarah Global target western markets
  Omani SME sector receives boost as Meethaq inks Shariah compliant deal with Zubair SEC
  Inaugural Sukuk issuance for BTMU Malaysia
IFN Country Correspondents
  The first Islamic financing guarantee company established in Indonesia
  The opinion of the Economic, Social and Environmental Council on the Islamic Banking Bill
  The case for an exhilarating prospect
  Ziraat Bank applies for participation banking license
IFN Sector Correspondent
  US real estate: Back in style
IFN Country Analysis
  One man show: Islamic finance in Bosnia-Herzegovina
IFN Sector Analysis
  Private banking and wealth management: Towards a sustainable growth
Features
  Are the Cayman Islands the pre-eminent jurisdiction for the growing appetite for Sukuk in the US?
Cayman has always been a popular jurisdiction for incorporating Sukuk issuers...
  Sukuk trading needs to modernize as sector expands
The rapid expansion of the Sukuk sector is a welcome development for all who recognize its value as an ethical and efficient means of raising capital...
  The Shariah asset management puzzle: Is it all in the packaging?
Shariah compliant asset management shares values and principles with multiple other faith-based and ethical investment approaches...
Case Study
Khazanah exchangeable Sukuk: Testament to a healthy track record

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