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global islamic finance assets reach 3.9 trillion with strong growth in 2024

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.

Mati Carbon wins 50 million prize for innovative carbon removal technology

Mati Carbon, a Houston-based climate-tech startup, has won $50 million in the XPrize Carbon Removal competition, aimed at scaling its innovative rock dust method to remove carbon dioxide from the atmosphere while enhancing crop yields for farmers in India, Tanzania, and Zambia. Founded in 2022, the company grinds basalt rock into dust, which, when applied to farmland, binds with CO2 and enriches the soil with essential minerals, potentially increasing yields by 25% to 70%. With plans to assist 100 million farmers by 2040, the initiative has garnered attention and scrutiny, particularly due to its backing by Elon Musk.

houston startup wins xprize for innovative carbon removal through rock weathering

Mati Carbon, a Houston startup, won a $50 million prize from Elon Musk’s XPrize for its innovative approach to carbon removal through enhanced rock weathering. By spreading crushed rock on small farms in India, Zambia, and Tanzania, the method not only captures CO2 but also boosts crop yields by releasing essential nutrients. The company plans to scale its model globally, aiming to benefit millions of smallholder farmers while providing a cost-effective solution for significant carbon capture.

axian telecom secures 100 million funding to enhance broadband in africa

AXIAN Telecom has secured a $100 million financing package from the European Investment Bank (EIB) to enhance mobile broadband infrastructure in Madagascar and Tanzania, focusing on expanding 4G and introducing 5G coverage. This investment aims to improve digital connectivity, promote socio-economic growth, and reduce telecom access inequality in Africa. With $60 million allocated for Tanzania and $40 million for Madagascar, the project aligns with the EU's Global Gateway strategy and supports the United Nations Sustainable Development Goals.

nordea imposes quarantine on total over east african crude oil pipeline project

Nordea has confirmed a quarantine on TotalEnergies due to concerns over the East African Crude Oil Pipeline Project, which has faced criticism for human rights abuses and environmental violations. Campaigners, including ActionAid Denmark, are urging the bank to divest from all new fossil fuel projects, highlighting the need for a broader commitment to the green transition. Despite a resolution at Nordea's AGM calling for an end to lending to fossil fuel firms, shareholders rejected the proposal.

Tanzania's Sumet Technologies secures 1.5 million dollars for FMCG expansion

Tanzania’s Sumet Technologies has secured $1.5 million in pre-seed funding to enhance its FMCG distribution operations across the country. The investment, from a mix of angel investors, will support the company's mission to facilitate market entry for new brands and optimize supply chains throughout Africa. CEO Hazem Afify emphasized the importance of this funding in strengthening their technology and expanding their market presence.

nordea shareholders reject fossil fuel lending resolution amid growing criticism

Nordea shareholders overwhelmingly rejected a proposal to halt fossil fuel lending, with 95.36% voting against it. The bank has provided $641 million in loans to upstream oil and gas companies over two years, despite being part of the Net-Zero Banking Alliance. Critics highlighted Nordea's financing of the controversial East African Crude Oil Pipeline and called for a shift away from fossil fuel investments, but the bank's leadership emphasized the need to support Norway's oil and gas economy.
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