Rising debt tide threatens credit ratings across Africa

Credit ratings across Africa have been falling, and global rating agency Moody’s says the last 12 months saw far more downgrades than upgrades out of its 24 African sovereign ratings. Seven credit ratings are on negative outlook and only Morocco is on positive outlook.

Britain raises £200m through sale of Islamic sukuk bond

Britain attracted £2.3bn in orders when it became the first western country to issue an Islamic sharia-compliant bond. It issued a £200m 5-year bond that shares profits based on rental income from three government-owned properties and offers a return of 2.036%.

Kenya licences first ethical Islamic finance fund

Kenya has licensed its first ethical fund, an Islamic fund issued by FCB Capital, a sharia-compliant investment bank, and aims to become the centre of Islamic finance in East Africa, calling for the set-up of a council to advise on Islamic finance products.

Sharia-compliant finance grows in Kenya

Finance compatible with Islamic investment principles is taking further root in Kenya. There has been take up of sukuk portions of infrastructure bonds launched by the Government, the Central Bank of Kenya has announced that it is working on plans to launch sharia-compliant treasury bills in the money market and it is reported in local media that a sharia-compliant unit trust is applying for registration.