Latest news with #FinancialInstitutions
Business Insider
2 days ago
- Business
- Business Insider
Ghana ranks among top 6 African economies in Intra-African trade
Ghana accounted for nearly 6% of total intra-African trade in 2024, reinforcing its status as one of the continent's leading trading economies. Ghana achieved nearly 6% of total intra-African trade in 2024, highlighting its trading economy's prominence. Ghana's exports to African nations increased to $4.8 billion in 2024, reflecting a 17% year-on-year growth in its total merchandise export earnings. The country ranked sixth in intra-African export share and demonstrated progress in diversifying its export base towards higher value-added goods. This was revealed in the 2024 Africa Trade Report, released during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria. The figure represents a marginal increase from 2023 and encompasses both exports and imports with other African nations. Export growth and trade rankings According to the report, Ghana's total exports to African countries climbed to $4.8 billion in 2024, up from $3.5 billion in 2023. This gave Ghana a 3.8% share of the continent's intra-African exports, ranking sixth behind countries such as South Africa, Nigeria, and Congo. On the import front, Ghana's share stood at 1.7% of total imports from African nations. Overall, Ghana's merchandise export earnings reached $19.68 billion in 2024, reflecting a robust 17% year-on-year growth. The report commended Ghana's efforts in advocating for stronger African financial integration, particularly its support for African Union member states to channel 30% of their reserves into African Multilateral Financial Institutions. Trade diversification gains momentum The report also highlighted Ghana's progress in diversifying its export base. While mineral fuels remain a major export, Ghana is steadily shifting towards higher value-added goods by investing in industrial value chains and logistics infrastructure. This marks a gradual move away from primary commodities and towards manufacturing. In West Africa, Côte d'Ivoire maintained its role as a regional trade hub, importing crude oil (mainly from Nigeria) and re-exporting refined petroleum products to countries like Ghana, Burkina Faso, and Mali. These re-exports accounted for over 50% of Côte d'Ivoire's intra-African trade. Untapped export potential in West Africa The report estimated West Africa's unrealised intra-African export potential at $7.23 billion out of a possible $13 billion. Six key product categories represented $2.3 billion, or 32% of this gap: Processed food ($1 billion) Fish and shellfish ($0.4 billion) Fertilisers ($0.3 billion) Beauty products ($0.3 billion) Africa's Changing Trade Landscape Globally, Africa's share of world exports declined slightly from 3.5% in 2009 to 3.3% in 2024. Intra-African trade now constitutes just 14.4% of total formal trade on the continent, reflecting persistent external reliance and susceptibility to global commodity price swings. Nevertheless, the report identifies emerging prospects in the evolving trade environment, such as: Increased shipping traffic around the Cape of Good Hope Growing investments from Gulf and Asian economies Conclusion
Arabian Business
3 days ago
- Business
- Arabian Business
CBUAE suspends new Islamic Banking customers at UAE Bank for 6 months
The Central Bank of the UAE has suspended the onboarding of new customers on the Islamic Window of a bank operating in the UAE, for six months and imposed a financial sanction of AED3,502,214 ($953,000). The move adheres to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The sanctions result from the Central Bank's Sharia supervision examinations, which revealed the bank's non-compliance with the instructions related to Sharia' Governance of the Islamic Window and the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. UAE Islamic Banking sanction The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the country's laws, regulations and standards established by the Central Bank to maintain transparency and integrity of the banking sector and safeguard the financial system.
The National
3 days ago
- Business
- The National
UAE Central Bank suspends bank's Islamic window from onboarding new customers for six months
The UAE Central Bank has suspended the Islamic window of a bank operating in the country from onboarding new customers for six months and also fined it more than Dh3.5 million ($953,632) for non-compliance with Sharia governance rules. The sanctions were imposed following the banking regulator's Sharia supervision examination, which found breaches by the bank, the Central Bank said on Wednesday. The name of the lender was not disclosed. 'The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards … to maintain transparency and integrity of the banking sector and safeguard the UAE financial system,' it said. The banking regulator has been cracking down heavily on regulatory non-compliance in recent weeks. On Tuesday, it imposed a Dh2 million fine on an exchange house for failing to comply with the country's anti-money laundering and counter-terrorism financing (AML/CFT) policies and procedures. Last month, it also imposed a Dh100 million fine on an exchange house for 'significant failures' in its AML/CFT framework and related regulations. It also fined an exchange house Dh200 million for the same offence in May. A Dh500,000 fine was also imposed on a branch manager, who was banned from working in any licensed financial institutions in the UAE. Earlier this month, the European Commission, the EU's main executive body, removed the UAE from its list of countries that pose a high risk for money laundering, amid growing efforts by the Emirates to boost its regulatory framework. The commission said the list was updated after taking into account the work of the Financial Action Task Force. The updated list will come into force after it receives 'no‑objection' from the European Parliament and the council within one month, which can be extended for another month. The FATF, the global body that combats money laundering and terrorism financing, removed the UAE from its 'grey list' in February last year after significant progress on reforms. The Emirates was placed on the grey list in 2022.
Khaleej Times
3 days ago
- Business
- Khaleej Times
UAE bans bank from accepting new customers for 6 months, fines Dh3.5 million
A bank in the UAE will not be allowed to accept new customers for a period of six months from breaking the Sharia requirements for financial institutes. The Central Bank of the UAE (CBUAE) has taken the regulatory action for non-compliance with Sharia governance requirements and the bank has also been fined Dh3,502,214. According to the CBUAE, the sanctions follow supervisory examinations which revealed the bank's failure to comply with instructions related to the Sharia Governance Framework for Islamic banking services, as well as other relevant provisions of the law. The measures were imposed under Article 137 of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the Organisation of Financial Institutions and Activities, along with its amendments. The Central Bank emphasised that it remains committed to ensuring that all licensed financial institutions operating in the UAE adhere to the legal and regulatory standards established to uphold transparency and integrity in the banking sector. Through its ongoing regulatory efforts, the CBUAE seeks to safeguard the stability and soundness of the UAE's financial system and maintain public trust in its banking institutions.
Yahoo
3 days ago
- Business
- Yahoo
AXA celebrates remarkable achievement with 9 accolades, including two Insurance Company of the Year at the Bloomberg Businessweek Financial Institutions Awards 2025
HONG KONG, June 25, 2025 /PRNewswire/ -- AXA Hong Kong and Macau ("AXA") is delighted to announce its outstanding recognition at the Bloomberg Businessweek Financial Institutions Awards 2025, securing nine accolades, including two "Insurance Company of the Year" titles in General Insurance sector and GBA Macau — further reinforcing AXA's market leadership in the industry. This prestigious recognition reaffirms AXA's unwavering commitment to delivering holistic protection for its customers and the community—spanning employee benefits, life and wealth solutions, and general insurance—while exceling in ESG & Sustainability as well as talent training and development. Notably, this marks the second consecutive year that AXA has been honoured as Excellence Award for "Innovation Product/ Service" in General Insurance sector, demonstrating its "customer-first" core value through continuously innovates products and service that redefine the industry standard. The awards also highlight AXA's dedication to nurturing top-tier financial consultants through industry-leading training and development programmes, empowering them to deliver customer-centric solutions and professional service to meet customers' needs along their life journey. The award details are as follows: Excellence Awards for: Insurance Company of the Year (General Insurance Sector) Critical Illness Protection (Insurance Sector) - TotalAssure Critical Illness Protection Series Innovation Product/Service (General Insurance Sector) – SmartTraveller Plus Employee's Benefit (Service) Training Programme of the Year (Insurance Sector) Outstanding Awards for: GBA Macau – Insurance Company of the Year Saving Plan (Insurance Sector) - FortuneXtra Savings Plan ESG Sustainability of the Year (Insurance Sector) Training and Development Achievement (Insurance Sector) Sally Wan, Chief Executive Officer, AXA Greater China, said, "These awards reflect our dedication to placing our customers and community at the centre of everything we do. They highlight our efforts to provide innovative and sustainable solutions that truly protect what matters most in their lives. By addressing their evolving needs with tailored products and empowering our financial consultants with best-in-class training, we aim to create meaningful value for our customers and contribute positively to the communities we serve." The Financial Institution Awards 2025, organised by financial magazine Bloomberg Businessweek/Chinese Edition, is one of the most esteemed awards in the financial services industry in the Asia Pacific region. Through a rigorous judging process, it recognises outstanding and excellence performance in the banking, insurance, and investment/securities/IFA/ Trustee sectors over the past year. The awards aim to elevate industry standards, drive the continuous development of the region's financial sector, and continue to encourage the industry to actively nurture talent. About AXA Hong Kong and Macau AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 50 markets and serving 95 million customers worldwide. Our purpose is to act for human progress by protecting what matters. As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers' needs and leveraging and investing in technology and digital transformation. We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles - as an investor, an insurer and an exemplary company. THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTSCertain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 - "Risk factors and risk management" of AXA's Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA's business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations. View original content to download multimedia: SOURCE AXA Hong Kong and Macau Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
