Although Shariah-influenced finance has existed for centuries, the first modern Islamic banks were not established until the early 1960s. Today, Islamic banking is spreading throughout the Middle East and Africa, in countries where a majority of the population is Muslim. Combining modern technology with ancient religious principles, Islamic banking is rich with opportunity for financial firms seeking to serve this growing consumer market, especially those who have not been served well by conventional banks.
Simon Hughes of International Banker interviews Mr. Obeahon Ohiwerei, Managing Director and CEO of Keystone Bank, to discuss the bank’s digital strategy, new product offerings and his own role at the bank.
Simon Hughes of International Banker interviews Mr. K.C. Li, Group Chairman and Mr. Andrew Bainbridge, Group CEO of SBM Holdings on the positive financial growth of the bank, SBM’s desire to establish a larger pan-African presence and the bank’s expanse of its service offerings.
By the end of August 2016, official data had confirmed that the second quarter of the year had seen a 2-percent contraction in Nigeria’s economy, from the same three-month period in 2015. Given that this was the second consecutive quarter of negative GDP (gross domestic product) growth, it meant that Africa’s biggest economy had slipped into a recession—a situation from which it is yet to escape.
Africa is known as a resource-rich continent. It is now also becoming rich in growing consumer markets. Multinationals, hotels and even luxury-goods retailers are setting up shop across the continent, seeing it as the last great emerging opportunity.
Zurich-headquartered Credit Suisse is moving away from its traditional business of investment banking as it expands its wealth-management activities.
Just as HSBC’s global head of foreign-exchange cash trading in London was about to fly out of New York’s Kennedy International Airport on the evening of Tuesday, July 19, he was arrested by US federal officials.
There is much rhetoric around the opportunities provided by emerging markets. And there is plenty of discourse around the fact that banks are de-risking and retreating from such areas. The fact of the matter is that some regions of the world are riskier to operate in.
The best banking institutions in retail, commercial, private and investment banking are highlighted along with the two outstanding CEOs from their regions.
To live under the sun in the middle of rolling landscapes, to be in the company of diverse wildlife, to look straight in the eyes of lions in the wild and at the speeding gazelles on the savannahs—these are enough to take your breath away.