Rising crude oil prices are expected to lower oil-rich Gulf nations’ need to sell Islamic bonds, according to Moody’s Investors Service. Higher oil prices will lead to lower sukuk issuance in 2022. Sukuk is the name for interst free bonds. That’s driven largely by lower financing needs among Gulf Cooperation Council countries, according to a...
U.S. biotechnology company Moderna plans to invest more than $500 million in a vaccine and drug manufacturing facility in Kenya. Leaders of the African nation signed a memorandum of understanding with Moderna on Monday in the capital Nairobi. The new facility will help address the problem of vaccine inequity experienced across Africa. Kenyan P...
Russia has become the world’s most sanctioned country due to its war on Ukraine. The international community has imposed 2,778 new sanctions on Moscow in just under two weeks since Russian troops invaded Ukraine. The total number of sanctions increased to 5,532, according to the global sanctions monitoring database Castellum.ai. By comparison,...
The 14th Emir of Kano and former governor of Central Bank of Nigeria, is calling for religious tolerance among Nigerians while canvassing support for Islamic finance. Lamido Sanusi spoke Sunday in Lagos as the guest of honour at the fifth national discourse organized by The Companion, an association of Muslim businessmen and professionals. San...
Iran and the United Arab Emirates are developing closer bilateral ties while the UAE is also simultaneously cozying up with Israel. Experts consider these to be unprecedented and very significant developments. What makes it still more intriguing is that hostilities between the Emiratis and Iran-backed Houthi rebels in Yemen have taken an ugly,...
Serbia will join all decisions of the UN General Assembly on the violation of Ukraine’s territorial integrity amid its war with Russia but will reject all those related to sanctions against Russia, its president said Tuesday. Aleksandar Vucic told reporters that during the UN General Assembly’s emergency special session Monday on the Ukrainian...
PARIS (AA) – A war of words erupted Tuesday after Moscow’s top security official threatened Paris with “real war” in response to a minister’s remarks about waging an “economic war” to punish Russia for launching an attack on Ukraine. “Today, some French minister has said that they declared an economic war on Russia. Watch your [&he...
Nigeria may be reaping extra revenue since Ukraine’s crisis pushed oil prices above $100 a barrel, but it is facing fuel scarcity at home. OPEC member Nigeria has little capacity to refine its own crude and relies heavily on fuel imports so higher oil prices mean more budget spending. President Muhammadu Buhari says Africa’s top [&...
The U.S. and European Union have imposed sweeping new penalties aimed at crippling Russia’s economy. EU sanctions announced Sunday ban the supply of “all goods and technology” linked to aircraft. Switzerland has also enacted penalties on Russia, abandoning its traditional neutrality. Meanwhile, TikTok has blocked Russian-backed outlets, such a...
ANKARA (AA) – The US Treasury announced on Monday it has prohibited Americans from doing business with the Russian central bank, Russia’s National Wealth Fund, and the Finance Ministry. The action effectively immobilizes any assets of the Russian central bank held in the US or by US people, the Treasury said in a statement. The […...
