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Egypt: FRA reveals size of non-banking financing in July 2024

The Financial Regulatory Authority (FRA) reported a notable increase in non-banking financing across various sectors in July 2024. According to the latest figures, the number of consumers benefiting from consumer finance rose to 2.127 million in July 2024, up from 1.986 million in July 2023. The total volume of outstanding loans for micro, small, and […]

Abu Dhabi Islamic Bank plans Morocco and Algeria expansion

Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest shariah-compliant lender, is planning expansion in Africa markets to tap demand in countries with a large Muslim population. In Africa, The bank has “looked closely” at Algeria and Morocco, Chief Executive Officer Tirad Mahmoud told reporters. “We are actively visiting locations where we may be […]

Libya: Oil Workers’ Union Warns Budget Delay Threatens Sector and State Finances

Libya’s General Union of Oil and Gas Sector warned that continued delays in approving the oil sector’s budget pose an existential risk to both workers and national infrastructure. In a statement issued in Tripoli on Thursday, the union described the delay as a “deliberate obstruction,” noting that its impact is already evident in the suspension […]