The Islamic Development Bank announced a “Murabaha” financing of $8.8 million in favor of the Islamic Bank of Senegal (BIS) to support 1,000 jobs in the private sector amid the coronavirus pandemic. The fund was approved by the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group.
According to Hani Salem Sonbol (pictured), ITFC's Managing Director, “this Murabahah is a necessary intervention in these extraordinarily difficult global conditions and will support the efforts of BIS and the government to ensure the availability of much-needed commodities for the Senegalese population.”
Last March, the Senegalese government set up a $104 million fund to support growth and protect jobs, particularly in the areas of tourism, air transport, formal and informal trade supply chains, and industry.
Let’s note that a “Murabaha” financing is a form of interest-free borrowing which consists of a financial institution buying the products its clients need and selling them back to them with a fixed pre-determined margin.
André Chadrak
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...