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Launch of ICD of the Private Sector – London Stock Exchange Group (LSEG) Islamic Finance Development Report 2023: Navigating Uncertainty

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Islamic Corporation

Global Islamic finance assets expected to reach US$6.7 trillion by 2027

DUBAI, United Arab Emirates, December 10, 2023/APO Group/ — 

Green and sustainability Sukuk represents a key theme at COP28; Global ESG Sukuk issuance totaled US$8.4 billion in 2022; Growth of total Islamic finance assets by 11% to US$4.5 trillion in 2022; Malaysia, Saudi Arabia, and Indonesia lead Islamic finance development; US$788 billion total global Sukuk outstanding last year; Multiple growth channels to drive Islamic finance industry forward.

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank Group (IsDB) Group, and the London Stock Exchange Group (LSEG), the world’s leading provider of financial markets data and infrastructure, jointly launched this year’s edition of the Islamic Finance Development Report titled ‘Navigating Uncertainty’ during the 18th AAOIFI–IsDB Annual Islamic Banking and Finance Conference, supported by the Central Bank of Bahrain.

Green and sustainability Sukuk represent a key theme at COP28 in Dubai as a catalyst for growth in sustainability projects and ESG Sukuk issuance across developing countries. Global ESG Sukuk issuance totaled US$8.4 billion in 2022, marking yet another record year and maintaining its rapid growth since the first of such Sukuk was issued in 2017. By the end of 2022, Islamic ESG funds amounted to US$6.6 billion in value outstanding, down 14% from their peak of US$7.6 billion in 2021.

According to the Islamic Finance Development Report 2023, the global Islamic finance industry increased its assets size by 11% to US$4.5 trillion in 2022 with Islamic banking holding 72 % of total industry’s assets. The industry also grew by 163% since 2012 and is expected to grow by US$6.7 trillion by 2027.

By the end of 2022, Islamic ESG funds amounted to US$6.6 billion in value outstanding, down 14% from their peak of US$7.6 billion in 2021

Several key factors contribute to this outlook, including the strengthening of domestic Islamic finance sectors in large markets such as the GCC, Malaysia and Indonesia. Moreover, Pakistan’s initiatives to align its financial system with interest-free principles contribute significantly.

The report is based on the Islamic Finance Development Indicator (IFDI), which is a composite weighted index that measures the overall development of the Islamic finance industry. The data is comprehensively gathered from a universe of 136 countries and measured across more than 10 key metrics, including knowledge, governance, sustainability, and awareness.

Malaysia led the IFDI list this year with a score of 103, followed by Saudi Arabia (70), Indonesia (58), Bahrain (54), Kuwait (54) and the UAE (53).

Eng. Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector, said: “The industry is expected to continue to grow and over the past decade, we have captured the growth of the global Islamic finance industry and its ecosystem. We are pleased to see that the indicator results are consistently cited over the years by various regulatory authorities and multilateral organizations worldwide. These citations are especially prevalent in studies and publications focused on strategies, blueprints, development roadmaps and masterplans within Islamic finance or the broader financial sector. We hope this year’s report, following in the footsteps of previous IFDI reports, will have a meaningful impact on the Islamic finance industry.”

Mustafa Adil, Head of Islamic finance, London Stock Exchange Group (LSEG) said: “The IFDI report demonstrates our continued effort towards monitoring and charting the development of the global Islamic finance industry. The report is based on the Islamic Finance Development Indicator (IFDI) that covers data on different Islamic finance sectors, asset classes and industry supporting ecosystem. The indicator was first launched in 2013 and so this year is a milestone for us. Reaching this mark reminds us of the importance of the need for continued commitment to serve the global Islamic finance industry that has expanded exponentially in the last decade.”

To download a copy of the report, please click here https://apo-opa.co/4afTVba

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

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Aurionpro expands its multi-country transaction banking engagement with Diamond Trust Bank (DTB)

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Aurionpro

Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers

MUMBAI, India, April 30, 2026/APO Group/ –Aurionpro Solutions Limited (www.AurionPro.com) (BSE: 532668 | NSE: AURIONPRO)a global leader in banking technology, announced the expansion and upgrade of its transaction banking engagement with Diamond Trust Bank (DTB), to modernize and enhance the bank’s corporate transaction banking capabilities across multiple countries.

Download Document: https://apo-opa.co/4edHUaC

This multi-country transaction banking upgrade covering Kenya, Uganda, and Tanzania aligns with DTB’s intent to enhance customer experience, streamline operations, and support growing transaction volumes as it expands its regional corporate banking footprint. DTB continues to focus on building a more agile, ‘digital-first’ banking experience, particularly around payments for its corporate customers across Africa, and is now well positioned to scale these capabilities. As part of its broader transformation agenda, the bank has been steadily investing in platforms that enhance scale, reliability, and service consistency across markets.

Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility

Aurionpro’s upgraded iCashpro platform for DTB delivers a unified digital experience across payments, trade, virtual accounts, and real-time reporting, enhancing straight-through processing, visibility, and control for both the bank and its corporate customers. By enabling DTB to standardize and scale its transaction banking operations across countries, the platform ensures consistent service levels, stronger control, and improved efficiency. It also supports enhanced user experience, advanced security, and the flexibility to introduce new features as DTB expands its regional transaction banking footprint.

Murali Natarajan (https://apo-opa.co/48trPdk), Managing Director & CEO, DTB Kenya   commented: “We are delighted to strengthen and broaden our partnership with Aurionpro Solutions as part of DTB’s ongoing digital transformation journey across multiple markets. Our focus on innovation, operational excellence, and customer-centricity continues to guide our technology investments. This upgrade strengthens our transaction banking capabilities, enabling us to deliver greater value to our customers through robust digital channels and seamlessly integrated experiences.”

Ashish Rai, Group CEO, Aurionpro Solutions, commented: “We are pleased to deepen our multi-country engagement with Diamond Trust Bank and support the next phase of its transaction banking modernization. As DTB continues to scale across markets, platform resilience and consistency become paramount. Through this partnership, we are proud to lead the next era of transformation in transaction banking, helping DTB enhance operational agility, deliver superior experiences to corporate customers, and create long-term value across geographies.”

He added, “Aurionpro’s iCashpro lays a strong digital foundation for transaction & wholesale banks across the globe to grow their corporate and SME client portfolio today, while creating a clear roadmap for next- generation capabilities in AI-driven insights, advanced automation and API-led connectivity for businesses in Kenya and across Africa.”

Distributed by APO Group on behalf of Aurionpro Solutions Ltd.

 

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Minerals Council Chief Executive Officer (CEO) Joins African Mining Week (AMW) as South Africa Improves Sectorial Investment Climate

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Energy Capital

Minerals Council CEO to share insights on policy, infrastructure and investment trends shaping South Africa’s mining industry

CAPE TOWN, South Africa, April 30, 2026/APO Group/ –The upcoming African Mining Week (AMW) conference will feature Mzila Mthenjane, CEO of the Minerals Council of South Africa, as a speaker. Scheduled for October 14 – 16, 2026 in Cape Town, the event will bring together global investors, policymakers and industry leaders, with Mthenjane’s participation highlighting the council’s commitment to engaging international stakeholders and promoting investment across South Africa’s mining sector.

His participation comes at a critical moment as the Minerals Council works closely with government on finalizing the Mineral Resources Development Bill 2025, a policy framework aimed at strengthening the country’s mining investment climate and the sector’s contribution to GDP. According to the council, the revised legislation will support new investment across the value chain as South Africa seeks to mobilize R2 trillion over the next five years to unlock its critical minerals potential.

The policy reforms come amid shifting production trends in the sector. In 2025, South Africa recorded declines in gold and platinum group metals output of 1.9% and 4.1%, respectively. The new regulatory framework is expected to strengthen public-private partnerships and stimulate investment, enabling South Africa to increase production and capitalize on strong global commodity prices. Increased private sector investments is crucial with South Africa seeking targeting to unlock an estimated R40 trillion in untapped iron ore potential as well as maintain its position as the world’s leading producer of chrome and manganese.

At AMW 2026, Mthenjane is expected to outline these trends, providing insights into how the council is contributing to addressing challenges disrupting the sector. Infrastructure and energy costs remain key concerns for industry players. To support the energy-intensive sector, South Africa approved a 35% reduction in electricity tariffs for major ferrochrome producers, helping stabilize an industry that has faced significant cost pressures after electricity prices surged by roughly 900% since 2008.

Logistics constraints are also a priority area for reform. South Africa’s economy is losing an estimated R1 billion per day due to inefficiencies across rail and port infrastructure. As a result, the government is considering measures supported by the Minerals Council to increase private sector participation in logistics. Planned reforms include rail modernization initiatives targeting 250 million tons of freight capacity by 2029, alongside port upgrades and private operator participation aimed at strengthening mineral exports and improving supply chain efficiency.

Beyond infrastructure and policy reforms, the Minerals Council is advocating for stronger exploration investment to support long-term industry growth.

At AMW, Mthenjane is expected to highlight these developments and outline the steps required to reinforce South Africa’s position in the global minerals supply chain. His insights will offer investors and stakeholders a timely perspective on opportunities within the country’s mining sector.

Distributed by APO Group on behalf of Energy Capital & Power.

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Seychelles Targets Energy Investment Push as Minister Jérémie Joins African Energy Week (AEW) 2026 as a Speaker

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African Energy Chamber

Seychelles energy minister will speak at AEW 2026, positioning her to highlight reforms, renewable projects and investment opportunities as the island nation advances its transition toward a diversified energy system

CAPE TOWN, South Africa, April 29, 2026/APO Group/ –Marie-May Jérémie, Minister of Environment, Climate, Energy and Natural Resources for Seychelles will participate as a speaker at this year’s African Energy Week (AEW) 2026, taking place from October 12–16 in Cape Town. Her participation underscores the country’s growing role in shaping Africa’s small-island energy transition agenda.

Minister Jérémie’s presence at AEW 2026 comes at a critical time as Seychelles accelerates efforts to reduce its heavy reliance on imported fossil fuels. The event provides a platform to attract investment, strengthen policy alignment and showcase bankable projects, positioning the country as a viable destination for private-sector participation in island energy systems.

Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments

In May last year, international finance institution the World Bank approved the Renewable Energy Acceleration Program, a seven-year initiative aimed at modernizing the grid and increasing renewable energy penetration to 15% by 2030. The program focuses on unlocking private capital while strengthening transmission infrastructure to accommodate variable renewable energy sources.

Project development is gaining traction in the country, particularly in innovative technologies suited to Seychelles’ land constraints. The 5.8 MW Seysun Lagoon floating solar PV project, developed by independent renewable power producer Qair, is under construction and expected online in 2026.

Alongside renewables, Seychelles continues to pursue upstream opportunities to diversify its economy. The government approved new exploration entrants in 2025 and extended exiting petroleum agreements, while securing an infrastructure partnership with China. Multilateral estimates suggest over $800 million in investment will be required over the next 25 years.

Regulatory reform is central to this transition, with Seychelles introducing an independent power producer framework to open the market to private developers. Standardized power purchase agreements, grid access reforms and strengthened public-private partnership structures are being implemented to improve transparency, reduce risk and accelerate project bankability across solar, storage and emerging wind opportunities.

“Minister Jérémie’s participation highlights the strategic importance of island nations in Africa’s broader energy transition,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Seychelles is demonstrating how policy reform and innovation can unlock investment in constrained environments. Her insights will be critical to advancing dialogue on resilient, low-carbon energy systems across the continent.”

Distributed by APO Group on behalf of African Energy Chamber.

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