Islamic Finance continues to grow in Africa
The Islamic Development Bank (IDB) intends to strengthen economic and other developmental cooperation with the Republic of Gambia, stated its President Dr Ahmad Mohammed Ali whilst receiving a delegation from the Gambia led by the Minister of Presidential Affairs, Mr Lami Nyabbaly, and the Minister of Finance Mr Abdou Kolley.
Dr Ahmad Mohamed Ali was speaking in Jeddah, the headquarters of IDB when he received a delegation from “I appreciate your visit, and IDB will do everything possible to support the effort of Gambia in achieving its economic objectives”, said Dr Ahmad Ali. He told the delegation that he plans to visit Gambia very soon, which will provide further opportunity to strengthen the relationship between Gambia and the IDB.
In his remarks, the Minister of Presidential Affairs of the Gambia, who also delivered a message from President Yahya Jameh, thanked the IDB for recognizing the importance of Gambia’s Vision 2016, which focuses on transforming the economy through agricultural development and education. He thanked the IDB for providing financing in a number of projects in the Gambia.
The Gambia joined IDB in February 1980, and since then it has received US 616.5 million of development financing from the IDB Group.
African Islamic Finance Push
Islamic finance continues to push into Africa after last year’s debut sukuk issuances from Senegal and South Africa. Nigeria which this week carried out its first democratic transition of power with the election of new President Muhammadu Buhari defeated incumbent Goodluck Jonathan by about 2 million votes offers attractive Sharia compliant investment opportunities.
