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The global Islamic finance industry grew by 14.9% in 2024, reaching US$3.88 trillion in total assets, with significant contributions from Islamic banking, sukuk, and takaful. The sector is expanding into non-traditional markets, driven by fintech innovations and a positive outlook for growth, particularly in emerging economies. Projections indicate the Islamic fintech sector will exceed US$300 billion by 2027, with strong growth anticipated in sukuk and Islamic banking.
Nigerian fintech unicorn Moniepoint is expanding into Kenya after receiving clearance to acquire a 78% stake in Sumac Microfinance Bank. Founded in 2015, Moniepoint supports 10 million users with payments, banking, and credit services, processing $17 billion monthly. The acquisition will enable it to operate in Kenya's banking sector, pending approval from the Central Bank of Kenya.
Procter & Gamble (P&G) plans to cut 7,000 jobs, about 6% of its workforce, as part of a restructuring initiative to tackle economic challenges, including a projected $600 million tariff impact by 2026. The company will exit certain product categories while maintaining its focus on U.S. manufacturing, having invested $10 billion over the past decade. This move reflects a strategic emphasis on production efficiency amid rising consumer uncertainty and geopolitical instability.
Nigerian startup Salpha Energy has secured $1.3 million in funding from All On, a Shell-backed investor, to enhance its local solar assembly facility and expand clean energy access to underserved communities. Founded by Sandra Chukwudozie, the female-led company aims to provide affordable solar solutions while creating local jobs and addressing the energy gap for over 600 million people in sub-Saharan Africa. The investment will support scaling operations and diversifying the product portfolio, reinforcing Salpha's commitment to sustainable energy innovation.
COREangels has launched a $10 million fund aimed at early-stage startups in the Middle East and Africa, focusing on tech companies aligned with the Sustainable Development Goals. The fund recently selected five fintech startups from over 1,000 applicants to receive up to $150,000 each. Founder Maha Mandour emphasized the importance of building ecosystems that provide capital, capability, and community support for promising entrepreneurs in the region.
Barclays recommends investors shift focus from Nigeria’s longer-term dollar bonds to the 8-10 year maturities, citing better yields and relative value compared to other emerging markets. Analysts noted a flattening Z-spread between the 2049 and 2033 bonds, indicating a potential opportunity for profit through a rolldown strategy as yields decline. Despite global market stress, Nigeria's bond market shows resilience, with a significant decline in yield premiums over US Treasuries following recent reforms.
Rubis has been a reliable energy supplier for 35 years, focusing on both traditional and renewable energy sources. The company generates 99.3% of its net sales from energy distribution, operating 1,143 service stations across Europe, Africa, and the Caribbean, while 0.7% comes from renewable energy projects. Recently, Rubis sold its 55% stake in the Rubis Terminal joint venture, which specialized in bulk storage of liquid products.
Rubis Group, which has provided sustainable energy access for 35 years, has diversified into renewable electricity generation, with 99.3% of its sales from energy distribution and 0.7% from renewable sources. The company operates 1,143 service stations across Europe, Africa, and the Caribbean, and holds a 17.2% stake in HDF Energy. Recently, Rubis completed the sale of its 55% stake in the Rubis Terminal joint venture.
Rubis Group, with over 35 years of experience, focuses on sustainable energy access, primarily through energy distribution (99.3%) and a small segment in renewable electricity (0.7%). The company operates 1,143 service stations across Europe, Africa, and the Caribbean, and recently sold its 55% stake in the Rubis Terminal joint venture.
Rubis Group, with over 5% of capital held by UBS, has been a reliable energy supplier for 35 years, focusing on both traditional and renewable energy. Its net sales are primarily from energy distribution (99.3%), with a small portion from renewable energy generation (0.7%). The company operates 1,143 service stations across Europe, Africa, and the Caribbean, and recently sold its 55% stake in the Rubis Terminal joint venture.
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global islamic finance assets reach 3.9 trillion with strong growth in 2024
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05:00 09.06.2025
Moniepoint acquires stake in Sumac Microfinance Bank to enter Kenyan market
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P and G to cut 7000 jobs amid economic uncertainty and restructuring
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Barclays Advises Investors to Focus on Nigeria's Shorter-Dated Bonds
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Rubis Expands Renewable Energy Focus Amid Strategic Business Adjustments
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Rubis Expands Renewable Energy Focus Amid Strategic Stake Sales and Diversification
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rubis group expands renewable energy focus while maintaining strong fuel distribution network
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rubis expands renewable energy focus while maintaining strong fuel distribution network
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