IslamicFinance.de

The West African Institute for Financial and Economic Management (WAIFEM), in collaboration with the Central Bank of The Gambia (CBG) started a five-day regional course on interest-free Islamic banking. Director General of WAIFEM, Professor Akpan H. Ekpo, stated that the objective of the course is to provide a broad understanding of the rudiments of Islamic banking. In particular, it will provide clarity on the Shariah requirements and the avoidance of Riba in modern-day banking business. 1st deputy Governor of the CBG, Dr Saikou Jabbie, said the Gambian Government entered into partnership with the Islamic Development Bank to develop the necessary infrastructure for Islamic banking in the country. He noted that the Central Bank even developed an investible Islamic instrument called the Sukuk AL Salam in 2007. On his part, Professor Ekpo thanked the Central Bank and its staff for their support to WAIFEM and its activities. WAIFEM is rated as a centre of excellence in capacity building and training, and it caters for the capacity needs of the private sector.

The Islamic Corporation for the Development of the Private Sector (ICD) and Arab Gambian Islamic Bank (Agib) have entered into a Joint Strategic Collaboration to finance the private sector in The Gambia. The financing agreement for the amount of USD5 million was signed by the CEO of ICD, Khaled Al Aboodi and Muhammed Jah, Chairman of Agib Bank. The collaboration will focus on developing the private sector, supporting the local economy and promoting Islamic Banking in the country. CEO of Agib Bank, Nuha Marenah, assured ICD of Agib Bank’s resolve to contribute to the socio-economic development of The Gambia. He also said Agib Bank has the capacity, both in terms of technology and human resources to manage the line of financing to the total satisfaction of all stakeholders.

With the issue of the world’s largest single tranche Sukuk, the industry’s attention is again on that fair-weather barometer the omnipotent Sukuk.
Beside the Saudi issue, it’s been a busy week in the Islamic capital markets, with significant issues in Malaysia and the MENA region and announcements from Nigeria, South Africa, The Gambia and Iran. It seems that the appetite for Sukuk is not diminishing. But the real quesstion is, if this is a good thing. After all, the global depression playing out in extremis in the eurozone and Middle America can be followed back to the wild abandon that individuals and governments ran up their credit card bills and the irresponsible and myopic lending practices of the banks just interested in short-term profits and next year’s bonuses.