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The Bank of Karthoum will add 12 new retail branches and cash points, mainly in eastern and central Sudan, bringing the total number to 75 by next year and has steadily expanded its business in Africa. Its main shareholders, Dubai Islamic Bank, Sharjah Islamic Bank and Abu Dhabi Islamic Bank, are more than tripling the capital. In a second expansion step, the bank will launch several dedicated funds for private firms to finance the export of livestock and agricultural products such as sesame seeds to Gulf Arab countries, Jordan and Egypt. Faced with the loss of most oil reserves to South Sudan, Sudan is trying to boost exports of gold and farming exports such as cotton, cash crops or gum arabic from its vast farmlands.

The Islamic Development (IDB) has approved financing of projects worth $747 million in various countries. The projects include $200 million aid for Rades Electric and Gas station project in Tunis for the development of energy sector in Tunisia , projects worth $190 million in six Iranian cities and $110 million irrigation projects in Egypt aimed to increase agricultural production in rural communities. The IDB is also providing $100 million to build an airport in Burkina Faso. The educational aid granted by the bank includes $72.5 million for development of the Lebanese University in Beirut, and $10 million for Arabic and French bilingual education project in Chad. Moreover, the bank approved several other projects in member and non-member countries. IDB's executive directors also reviewed the arrangements for the celebration of the 40th founding anniversary of the bank next year.

Although Islamic banking in still its infancy in sub-Saharan Africa, it is heading for its breakthrough. By the end of this decade it’s quite possible that banking complying with Shariah law could grow to account for up to 10 per cent of banking assets in five or six sub-Saharan African countries, including Kenya and Nigeria. With the first licenses granted in Kenya just 5 to 6 years ago, that would make Africa’s leap into Islamic banking much faster than markets such as Pakistan and Indonesia, where Islamic financial services have been available for longer. Standard Chartered sees Africa as the next frontier for the industry. That’s why the company will be launching its Islamic banking brand, Saadiq, in Kenya shortly, with plans to expand into other countries in both East and West Africa in the future.

Nigerian Jaiz Bank has entered into a partnership with Teasy Mobile Money, a CBN-licensed Mobile Payment Operator, to provide financial services to Nigerians, through Mobile Phone. This is part of their efforts to implement financial services inclusion of the Central Bank of Nigeria (CBN) to everyone in the society. Jaiz bank will collaborate with Teasy Mobile Money in developing programs, projects and other activities that are targeted at providing a robust mobile payment and deposit platform capable of delivering end-to-end mobile banking solutions. The service will allow customers to have access to their money beyond banking hours, anywhere. Additionally, Teasy Mobile Money customers will now be able to use Jaiz Bank offices nationwide as Service Points.

Just above 95 per cent of employees in the Middle East Africa region believe corporate social responsibility (CSR) is very important and are keen to engage in more community service work, according to Bayt.com survey. Almost 90 per cent of the respondents in the survey consider CSR to be a moral responsibility for corporations. The survey found that respondents across the Mena region are eager to dedicate themselves to CSR work, with 73 per cent preferring to give time and effort towards charitable causes rather than merely donating money. According to the survey, respondents would like their company to be involved in helping the poor or those with special needs (51.2 per cent), providing free education and scholarships (20.4 per cent) and saving or protecting the environment (11.2 per cent).

The Islamic Development Bank and Saudi Fund for Development have provided finances amounting to $ 21.7 billion for 90 projects in the Bank's Member States in Africa, Asia, and Middle East. In its annual report for the year 2012, the Islamic Development Bank pointed out that the projects were in fields of infrastructures, agriculture, rural development, health, education, transport, energy, and water.

Nigerian Islamic bank Jaiz Bank has announced its commencement of Foreign Exchange trading which now makes it eligible to carry out transactions for eligible Bureau de Change operators at the Central Bank of Nigeria (CBN). It will commence bidding for its BDC customers from all branches by the first week of September 2013. The bank has also commenced over the counter transactions of Basic Travel Allowance BTA sales at all its branches. Jaiz Bank began full operations as the first Non-Interest Bank in Nigeria in January, 2012 and has since expanded its branch network to 10. The capital base of the Bank has also grown from N5 billion when it started operations last year to about N10billion. This level of capitalisation enables the Bank to apply for National Banking license from the Central Bank of Nigerian if it chooses and thus position it to operate in all the States of the Federation.

Nigeria is trying to establish itself as the African hub for Islamic finance. In recent months, a string of regulatory initiatives have set the groundwork for products such as Islamic bonds (sukuk), insurance (takaful) and interbank lending products, although there is still only a small number of local market participants. Islamic banking is currently offered by the Islamic window of Stanbic IBTC, a unit of South Africa’s Standard Bank, and Jaiz Bank, a full-fledged Islamic lender which has operated since 2012. Sterling Bank has been granted approval in principle for an Islamic window, while two more lenders have expressed interest in obtaining licences to operate Islamic Windows. However, Nigeria’s banking sector remains underdeveloped, with the majority of adults being unbanked.

The Islamic Development Bank (IDB) and its poverty reduction arm, the Islamic Solidarity Fund for Development (ISFD), have now extended more than $100 million in financing to help eight African nations combat extreme poverty, improve public health and achieve more sustainable development. In each of these projects, host governments will partner with the IsDB, the Earth Institute and Millennium Promise to carry out the projects. The combined $104 million will finance three major programs: The ISFD’s new flagship Sustainable Villages Program (SVP) in Chad, Mozambique, and Sudan ($40 million), Scale-ups of the Millennium Villages Project in Mali, Senegal and Uganda ($29 million), Implementation of the Drylands Initiative in Djibouti, Somalia and Uganda ($35 million). The $104 million will be provided in the form of Islamic finance to the recipient countries, except in the case of a grant provided to Somalia. All of these countries are members of the bank.

Jaiz Bank is now targeting a national license from the Central Bank of Nigeria (CBN) after having grown its capital base from N5 billion when it started operations last year to about N10 billion. The capital increase will enable the bank to apply for National Banking license from the CBN and thus position it to operate in all the States of the Federation. Besides, Jaiz bank has joined other commercial banks in the country in the processing of foreign exchange transactions. The bank will commence bidding for its BDC customers from all branches by the first week of September 2013. Moreover, it also commenced over the counter transactions of PTA and BTA sales at all its 10 branches.

Jaiz Bank Plc has joined other commercial banks in processing of foreign exchange transactions. This allows the bank to process forex transactions for eligible bureau de change (BDC) operators at the Central Bank of Nigeria (CBN). The bank will reportedly commence bidding for its BDC customers from all branches by the first week of September. Furthermore, the bank has also commenced over the counter transactions of PTA and BTA sales at all its branches. Jaiz Bank has 10 branches in several regions of Nigeria. Its capital base had also grown from N5 billion when it started operations last year to about N10 billion.

The Islamic Development Bank (IsDB) is to provide $104m (£67.3m) in loans to African governments to fund an expansion of Millennium Villages, the controversial project led by Jeffrey Sachs, director of Columbia University's Earth Institute. About $40m of the money will go towards a flagship sustainable villages programme (SVP) in Chad, Mozambique, and Sudan. In addition, $29m will support the extension of existing Millennium Village projects (MVPs) in Mali, Senegal and Uganda, while $35m will be used for a drylands initiative in Djibouti, Somalia and Uganda. Governments will team up with the IsDB, the Earth Institute, and its partner, Millennium Promise, to carry out the projects. The Millennium Village project covers more than 500,000 people in 14 areas of 10 countries in different environments across Africa. Each site was considered a "hunger hot-spot" at the time the project began in 2006. The concept works on the principle of interventions across several key areas – health, education, enterprise and agriculture – over a 10-year period.

Abu Dhabi Islamic Bank plans to branch out in North Africa as the UAE-based lender seeks to reach a larger population. The bank applied for licenses in Algeria and Libya and is considering new operations in Tunisia and Morocco. Chief executive Tirad Mahmoud said the bank is seeking to expand in nations with a critical mass in terms of population and economic activity. Abu Dhabi Islamic Bank has also moved into countries including Saudi Arabia, Egypt and Sudan, Mahmoud said. The bank wants to be better placed to serve companies, such as Dubai-based mall operator Majid al-Futtaim, which operate across the Middle East and North Africa. Banks that comply with Islam’s ban on interest have become increasing popular after the revolts implemented Islamists into power in some North African countries.

Dr. Mohammed Namadi Sambo, Vice President of the Federal Republic of Nigeria has received Dr. Ahmed Mohamed Ali, President of the IDB Group in Makkah Guest Palace. The discussion covered arrangements made for the implementation of number of projects approved by the Bank for Nigeria and the on-going efforts that aim at establishing a representation office in Nigeria. Discussion also touched on issues related to the IDB’s role in supporting the Transformation Agenda Progamme in Nigeria. The Programme pursues growth in a number of sectors that include projects such as electricity transmission lines, regional and national road network, partnership between private and public sector in energy and supporting exports. The IDB President has offered to organize an investment conference in Nigeria early in 2014 similar to a conference organized by the IDB last year in Abuja. The Vice president of Nigeria welcomed this initiative.

Nigerian Jaiz Bank PLC has reiterated a firm commitment to the provision of ethical banking services to its customers. The bank has unveiled its array of value adding products and services which it said are available to all irrespective of race or religion. Key amongst the areas being financed by the bank are the Agricultural Sector, Small and Medium Scale Industries and Home Finance. Other products offered by the bank are Jaiz Home Finance, Jaiz Auto Finance, Jaiz Home Appliances Finance, Lease Finance as well as Working Capital and Asset Acquisition Finance. Jaiz Bank has branches in Abuja, Kano, Kaduna, Maiduguri and Gombe with additional 10 branches to be opened across the northern part of the country before the end of this quarter.

Nigeria is gradually opening up to Islamic finance, a move that could develop one of Africa's fastest-growing consumer and corporate banking sectors and establish the country as the African hub for Islamic finance. In recent months, a string of regulatory initiatives have set the groundwork for products such as Islamic bonds (sukuk), insurance (takaful) and interbank lending products, although there is still only a small number of local market participants. Islamic banking is currently offered by the Islamic window of Stanbic IBTC, a unit of South Africa's Standard Bank, and Jaiz Bank, a full-fledged Islamic lender which has operated since 2012. Sterling Bank has been granted approval in principle for an Islamic window, while two more lenders have expressed interest in obtaining licences to operate Islamic Windows.

The Federal Government of Nigeria has sought the support of the Islamic Development Bank for the provision of about $450m to expand the power transmission system to wheel up to 20,000 megawatts of electricity. According to Vice-President Namadi Sambo, more funds need to be injected in the transmission component. Sambo also called on the bank to consider the construction of a road linking Lagos to Abidjan, the capital of Côte d’Ivoire. Moreover, he requested the IDB to extend its support to the Nigerian private sector in the areas of education, aviation and agriculture. IDB has already approved the construction of four new science secondary schools in Kaduna State worth $17,9m; construction of a 300-bed specialist hospital in Kaduna State at $43.15m; and the Zaria water supply project worth $81.0m. Furthermore, the$32.40m Jigawa State rural development project and the bilingual education programme for Borno, Gombe and Niger states worth $30.53m are under consideration.

While Islamic banking assets have grown rapidly around the world to stand at more than USD1.3 trillion at the end of 2012, the industry has remained in its infancy in Africa. However that could be about to change. By the end of this decade it’s quite possible that banking complying with Shariah law could grow to account for up to 10 per cent of banking assets in five or six sub-Saharan African countries, including Kenya and Nigeria. Behind the buzz is real demand from African domestic consumers for the choice to bank in accordance with their faith. Governments and regulators in Africa no longer view Islamic banking as a niche industry, but actively seek to encourage its development. There’s also growing awareness of the significant liquidity pool now available in Islamic finance, particularly across the Middle East, as a source of funding for crucial infrastructure investment. Sub-Saharan Africa has a great opportunity to develop a healthy Islamic banking eco-system much faster than other regions of the world.

The Central Bank of Nigeria (CBN) reportedly has partnered with the Bill and Melinda Gates Foundation (BMGF) to form a new initiative called “Geospatial Mapping of Financial Institutions” that aims to increase the financial inclusion of low-income Nigerians. The new service will map all financial access points in Nigeria, including every microfinance institution and off-site ATMs, that Nigerians will be able to see online or on their mobile phones. The program reportedly will also enable the government and banks to determine whether certain regions of the country lack access to an appropriate number of financial services. BMGF will provide a monetary grant of an unspecified amount in order to pursue this goal. This new project is part of CBN’s initiative, the Nigeria Financial Inclusion Strategy (NFIS). The amount of monetary support that CBN has contributed to NFIS is unavailable.

Representatives from Azzad Asset Management met with His Excellency Ebrahim Rasool, Ambassador of the Republic of South Africa to the United States, to discuss potential investment in South Africa as part of the portfolio held by the Azzad Wise Capital Fund. The Azzad Wise Capital Fund is America's first halal fixed-income mutual fund and invests in Sukuk as well as deposits and notes from Islamic banks that comply with specific socially responsible and halal financial guidelines. In recent years, South Africa has made strides in Islamic finance although the Muslim community represents only 3% of the population. Ambassador Rasool noted that South Africa's regulatory and legislative structures, strict risk management frameworks, as well as governance and compliance structures make it a possible springboard for companies into the rest of the continent.