Africa Intelligence

Gulf Finance House distances itself from finance harbor plan

Bahrain's Gulf Finance House (GFH) is distancing itself from its major Tunisian property project, Tunis Financial Harbour (TFH). GFH's local subsidiary, Tunis Bay Project Co is to drop out of the residential golf course project.

US law firmS hired to advise on Islamic fund

Ivorian Prime Minister Daniel Kablan Duncan has appointed US law firm Cleary Gottlieb Steen & Hamilton to advise his government. The Abidjan branch of Deloitte, led by Marc Wabi and appointed by the Islamic Development Bank (IDB), will serve as auditor. Deloitte's job will be to certify the value of the Abidjan International Trade Centre's buildings.

Ben Yedder family opens gates to Islamic funds

Owned by the Ben Yedder family, the Amen Bank is due to start raising subscriptions on Dec. 11 for two new Sharia-compliant property funds, UFGS Islamic Fund and CEA Islamic Fund. Amen Bank is starting out modestly for what is a first-ever move on its part. Each fund will have an initial value of 100,000 dinars.

BH also wants in on Islamic insurance

With strong support from a government dominated by the Ennahda party, Islamic finance has become an El Dorado of sorts for Tunisia’s financial establishments. And this despite the fact the constituent parliament hasn't yet adopted the least regulation for such operations which were taboo during the days of Zine El Abidine Ben Ali. An affiliate of the state-owned Banque de l'Habitat (BH), Assurances Salim, is poised to break into the market for Islamic insurance and re-insurance. In the works since last year, the operation will lead to the creation of Attakafoulia, a limited liability company with an initial registered capital of €5 million.

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