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Cote d’Ivoire hosts inaugural Africa Islamic Finance Forum

President Alassane Outtara

 

President Alassane Outtara
President Alassane Outtara

Islamic Finance Forum has concluded in Cote d’Ivoire, with the country being touted as a Shariah compliant investment destination.

The two-day event on September 17 and 18 at the Sofitel Abidjan Hotel Ivoire featured discussions on investment opportunities in key African markets, and on the first day the Forum participants deliberated on a global overview of Shariah compliant transactions and the industry as a whole followed by a session on Africa’s blueprint for Islamic finance development.

“The inaugural Africa Islamic Finance Forum 2015 is designed specifically for the benefit of local and international market players to explore the development opportunities in Islamic finance both in the Cote d’Ivoire, locally and regionally – concentrating on building the market and exploring its exceptional potential through inward investment and international collaboration,” a release states.

The Forum was officially opened by Cote d’Ivoire President Alassane Outtara, while the event commenced with keynote addresses from Albert Toikeusse Mabri Abdallah, the governor of the IDB and senior minister of state, planning and development, Cote d’Ivoire; Khaled Al Aboodi, the CEO of the Islamic Corporation for the Development of the Private Sector and Cheikh Hadjibou Soumare, the president of the West African Economic and Monetary Union.

Others who addressed the Forum include Dr Sidi Ould Tah, the director-general of the Arab Bank for Economic Development in Africa (DADEA) and Dr Ahmad Mohamed Ali Al-Madani, the president of the IDB, while the keynote address was delivered by the Cote d’Ivoire Prime Minister Daniel Kablan Duncan.

The second day begun with a panel discussion on the application of Shariah compliant tools to SME financing and microfinance, followed by a presentation by INOKS Capital on investments opportunities in African SMEs. The later session featured another roundtable on human capital, with a specific focus on what the industry really needs in relation to developing new generation of Islamic bankers, while the last dialogue concentrated on prospects, opportunities and challenges of trade finance in Africa.

“The Africa Islamic Finance Forum 2015 is a must-attend event for all industry stakeholders as it provides an unparalleled platform for networking opportunities as well as the centre stage to be at the very forefront of Africa’s flourishing Islamic finance sector,” the release by Africa Press Organisation (APO) adds.

 

 

 

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Two billion adults unbanked

An empty banking hall
 

An empty banking hall
An empty banking hall

A newly-released report by the Islamic Cooperation for the Development of the Private Sector (ICD) has indicated that two billion people in the world do not have bank accounts, with 340 million of these in sub-Saharan Africa.

Africa’s population currently is estimated at 1.166 billion and this figure represents 29.1 % of the unbanked population in Sub Saharan Africa.

The report “Islamic Finance in Africa: A Promising Future” was released during the Africa Islamic Finance Forum 2015 in Abidjan held on September 17-18, and focuses majorly at the growth opportunities for Islamic finance to flourish in the region.

‘The birthplace of a quarter of the global Muslim population, the report highlights that Africa features a potentially strong demand for Islamic financial services and products. While still comparatively under-developed, Islamic finance is expanding in many parts of the region, and is now present across most of North Africa and in many countries of East and West Africa, particularly those with sizeable Muslim communities,’ the report indicates.

According to the report, Africa needs US93 billion to finance large scale infrastructure and manufacturing projects.

‘One of the recommendations of the report is that Islamic finance can act as the catalyst in mobilising funding into Africa, thereby resulting in economic growth and sustainable development.’ The report indicates and adds ‘there is a significant funding potential opportunity for Islamic banks in view of the increasing emergence of small-to-medium enterprises (SMEs) across Africa’.

The report also highlights notable progress in the sukuk sector, where recent developments have seen governments focusing more on creating a more enabling environment for sukuk issuances. Some countries which have issued sukuk include Gambia, Sudan, Senegal and South Africa, while Ivory Coast is lining up to issue its debut sukuk at the end of the year.

Other countries such as Tunisia, Egypt and Morocco have expressed keen interest in tapping the sukuk market for infrastructure financing and have finalized or are in the midst of finalizing their legal frameworks to promote sukuk issuances.

‘Although the Islamic financial services industry in Africa is currently dominated by the banking and sukuk segments, growth potential remains in the asset management and takaful spheres’ the reports states.

 

 

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Aronda Death: Heart attack or not?

Gen. Aronda Nyakairima

Could the acute heart attack be something invented at death? Maybe yes maybe no.

Linda Aronda, the widow to the deceased former Minister of Internal Affairs, has cast doubt in autopsy report released by government showing that her husband died of acute heart attack.

“He has been full of life. The heart problem they are talking about may have been there, but the 20 years I have lived with my husband, I have never seen him sick. My children here are my witnesses,” she said.

A visibly devastated Linda was eulogizing her dead husband during the State funeral service at Kololo ceremonial grounds.

“We have never seen him fail to get work to work. He loved to work and he always left home to go for his official duties and always returned safely,” she said, flanked by her two children.

Gen Aronda who died last Saturday served as the country’s first and longest Chief of Defence Forces before he moved to the Ministry of internal affairs in close to two years ago, where he is credited for executing the erstwhile stalled national identification project.

According to senior police pathologist Dr Moses Byaruhanga, small scars were found in the swollen heart of Aronda, an indication that he could have suffered the problem for some time.

A cue the president picked from as he spoke at Kololo.

“Apparently, Gen around twice got heart attacks but they were minor,” he said. “But this one which happened in the aeroplane was so severe that it took his life.”

The contradiction between the widow and the government report is a matter which seems to point out that she is suspecting foul play in the death of her husband.

Earlier on in Parliament, the Leader of Opposition Wafula Oguttu also posed questions regarding the death particularly wondering how the Managing Director of Uganda Media Center, and government spokesperson Ofwono Opondo came to know that Aronda had died of a heart attack even before a post-mortem was done.

When news about Aronda’s death petered through the country, on 12 September, the outspoken spokesperson tweeted that, “Confirmed #Gen Aronda has died of heart attack while on transit in Dubai from South Korea @UgandaMediaCent @skaheru @AllanKasujja

Gen Aronda will be buried at his ancestral home in Rukungiri district on Sunday.

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Archbishop Ntagali urges politicians to emulate Gen Aronda

The Archbishop of the Church of Uganda Stanley Ntagali has called upon leaders to emulate the exemplary leadership exhibited by the former Internal Affairs Minister General Aronda Nyakairima.

Addressing mourners attending a memorial service held at Kololo Ceremonial Grounds in honour of Gen Aronda, the Archbishop said he knew the deceased as a man of integrity, God fearing and humble.

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Ntagali addressing mourners at Kololo

“For the time I have known Aronda, his name has never been mentioned in any corruption scandal and we must thank God for that,” he said and advised leaders not indulge in corrupt tendencies but use their offices to serve the people.

He also consoled the family of the deceased especially the widow Linda Aronda.

“Linda, in Aronda you got a good husband and it is unfortunate that he has gone too soon,” the Archbishop said adding: “You made a vow to stand with him in good and bad and this there is no doubt you have done this to your best.”

Taking a jibe at the forthcoming elections, Ntagali urged politicians not bribe voters and also advised the voters not to allow to be bribed but vote basing on issues that affect them.

“Do not be cheap to be bought but rather vote leaders on merit,” he counseled before imploring the clergy to be impartial.

“Now is the time to make Uganda better,” he said.

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FIFA suspends Valcke over corruption  

Jérôme Valcke

 

The Federation of International Football Associations (FIFA) has today suspended Mr Jerome Valcke, the Secretary General of the body.

Valcke’s suspension comes in the wake of allegations implicating him in selling World Cup tickets above face value and fraudulently awarding the two World Cups to Russia and Qatar in 2018 and 2022, respectively.

“Jerome Valcke has been suspended, put on leave and released from all his duties until further notice,“ Walter De Gregio, the FIFA spokesman was quoted saying. FIFA has been aware of the allegations and has now requested the ethics committee to investigate the matter.

Jérôme Valcke
Jérôme Valcke

The 54-year old Frenchman has however denied and termed the allegations as ‘fabricated’ and outrageous.

Regarded as embattled former FIFA boss Sepp Blatter’s right hand man, Valcke joined FIFA as a sports journalist in 1984; he was made the FIFA Director of Marketing and Head of Television in 2003 before being elected as the Secretary General in 2007.

At the time of the suspension, Valcke was travelling to Moscow to mark ‘1000 days to go’ for the 2018 Russia World Cup and was also planning to run for the FIFA presidency after president Blatter announced he was stepping down in June.

His suspension also comes a day after FIFA executive committee member Eugenio`Figueredo, one of the fourteen executives named in corruption acts, had his extradition approved by US officials.

In May this year, seven of the executives were arrested in a hotel in Switzerland, where they had gone for the FIFA general elections.

Those arrested then include Jack Warner, Chuck Brazier, Eduardo Li, Julio Rocha and Jeffry Webb, and they await extradition to the US.

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Kenya schools ordered to close

Striking teachers in Kenya demanding for a salary increase ordered by the Supreme Court in August, have led to the forced closure of all public and private schools in the country.

According to media reports, the decision by the Kenyan government will, beginning Monday September 21, affect pupils from Standard One to Standard Seven and students from Form One to Form Three.

Kenya follows an 8-4-4 system of education, meaning the pupils and students in candidate classes of Standard 8 and Form 4 awaiting their Kenya Certificate of Primary Education (KCPE) and Kenya Certificate of Secondary Education (KCSE) examinations respectively, are not affected.

Schools re-opened for the third term on August 31, but midway the Ministry of Education, in a circular, said they should close on September 21.

The closure follows three weeks of persistent non-teaching by the striking teachers, who got a reprieve from highest court, ordering government to pay them a 60% increase in salary. This means that the decision is incontestable, a development that might have galvanized the teachers into recalcitrance.

It is not clear what the teachers, who coalesce under the powerful Kenya National Union of Teachers (Knut) and the Kenya Union of Post Primary Education Teachers (Kuppet) will do, but last week some of the teachers took the strike to the streets of Nairobi, demanding that government honours the court ruling.

 

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Thousands attend Gen Aronda’s prayers

Gen Aronda's widowed wife, Linda Kahoza eulogising her husband.

Tens of thousands have today thronged the Kololo Ceremonial Grounds for prayers held in tribute to the late General Robert Aronda Nyakairima who died of acute heart failure last Saturday as he returned from a working visit to South Korea.

The prayers led by the Anglican Archbishop Stanley Ntagali were attended by President Yoweri Museveni, the widow and relatives, several senior army officers including service commanders from armies in the region, staff of the Ministry of Internal Affairs and people from other walks of life.

Gen Aronda's widowed wife, Linda Kahoza eulogising her husband.
Gen Aronda’s widowed wife, Linda Kahoza eulogising her husband.

The chief mourner President Yoweri Museveni said he was annoyed that Aronda died of a medical condition which was poorly handled.

“Actually Aronda complained of dizziness. He said ‘I am feeling dizzy’. That was in South Korea before entering the plane,” Museveni said before calling up the government officials who travelled with Aronda to South Korea’s capital Seoul before the latter’s death last Saturday.

The President explained that he investigated Aronda’s death and interviewed the officials in the Minister’s entourage to South Korea because “I never leave anything to chance.”

Museveni then narrated: “Aronda said ‘I am feeling dizzy’. They tried to go to the hospital but South Koreans said that they cannot allow someone to go to the hospital without insurance.”

“That’s nonsense. Surely, they must have emergencies. They must have treated him and see whether he will not pay,” a peeved Museveni said. The President further said there was “a gap of medical checkup. Even when we did the post mortem he had had previous heart attacks – small ones.”

“The body is carbon paper. Whatever happens will be recorded. He had two heart attacks before. This one was very big he couldn’t survive.”

“Apparently, they had not told me and he had not told me that he had some sort of mild hypertension for many years,” Museveni added.

On his part Archbishop Ntagali said he knew Gen Aronda as a man of integrity and God fearing with high morals. He lauded Gen Aronda for successfully spearheading the national ID project, which had previously failed to take off under his predecessors.

Other speakers at the service also extolled Gen Aronda, with the Chief of Defense Forces (CDF) General Katumba Wamala describing the deceased as an exemplary officer who served his country diligently. Comforting the bereaved family, Gen Katumba Wamala, who succeeded Gen Aronda as CDF, said the deceased had left a legacy that would ensure a good future for them.

James Baba, the State Minister for Internal Affairs described Gen

Aronda as a very hardworking and dedicated man, who knew almost all his subordinate staff and the challenges or opportunities each faced.

“He took interest in almost everyone under him,” Mr Baba said.

Meanwhile, in a brief speech Gen Aronda’s widow Linda said her husband had never suffered from any ailment known to her in the past.

“This heart disease they are talking about might have been there but for the twenty years I have been with my husband, I did not know him to have such an ailment,” she said and added that the deceased ‘was always full of energy’.

She praised her late husband for being caring, loving a dedicated public servant.

Gen Aronda died at the age of 56 and is survived by the widow Linda Kahoza Nyakairima, and two children. His burial will take place on Sunday, September 20 at his ancestral home in Rukungiri.

 

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Mubiru gets 10 years for sodomy

The name Chris Mubiru will not surface in football administration in Uganda for the next ten years, following today’s sentencing of the former Cranes Team Manager for sodomy.
Buganda Road Chief Magistrate Flavia Nabakooza, who convicted Mubiru last week for sodomising Emmanuel Nnyanzi, said the convict survived a life sentence. She also ordered Mubiru, once a Team Manager with SC Villa and Vipers FC at different times, to pay the 23-year old Nnyanzi Shs50 million in compensation.
Magistrate Nabakooza advised Mubiru to appeal the sentence if he felt discontented, advice which the convict’s lawyers led by Isaac Ssemakade said they would pursue in a higher court.
Mubiru was charged under section145 (a) of the Penal Code Act that prohibits same sex sexual acts and presents a life imprisonment punishment once found guilty.
The ruling has excited a cross section of persons including sport loving fans, Christian leaders and human rights activists including a jubilant Pastor Solomon Male, who was present at the court.
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Cranes off to Masindi

Cranes vs Kitara Region, Boma Grounds,Masindi.
Tomorrow: 4pm
The Cranes regional tours aimed at boosting the national team’s fan base and scouting talent around the country have now reached Masindi.
The 23-man team accompanied by eight officials will play against Bunyoro Kitara at4pm tomorrow, before the coaches identify possible players that could be included in the national football engagements especially in the upcoming CHAN 2016 qualifiers against Sudan.
While in Masindi the Cranes will stay at the Kabalega Resort Hotel.  
The tours begun last year and so far the Cranes players have been to Mbarara in the west; Gulu in the north and Soroti in eastern region.
Beneficiaries of the campaign include Farouk Miya and Derrick Tekwo.
Meanwhile, Eagleonline has leant that four of the seven Vipers’ players summoned did not turn up at the departure point at Sky Hotel in Naalya.
The four are goalkeepers Ismail Watenga and Robert Alitho, and players Kezironi Kizito and Deus Bukenya.
THE PLAYERS
Goal keepers: Matthias Kigonya and Stephen Odongo.
Defenders: Dennis Okot, Shafik Bakaki, Richard Kassaga, Isaac Muleeme, Julius Ntambi, Henry Katongole, Joseph Ochaya, Martin Mpugga and Hassan Dazo.
Midfielders: Lwanga Tadeo, Ivan Ntege, Muzamir Mutyaba, Hakim Senkumba, Feni Moses Ali, Farouk Miya (Capt) Martin Kiiza and Ambrose Kirya.
Strikers: Robert Ssentongo, Ceaser Okhuti, Jonah Semazi and Frank Kalanda.
Head coach: Micho Sredojevic
Assistant coaches: Moses Basena and Fred Kajjoba.
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Heineken Uganda treats Rugby fans to Rugby World Cup Launch

Heineken Uganda will this evening treat Ugandan fans to an epic Rugby World Cup Launch at Legends Sports Bar. While the grand opening ceremony will be going on at Twickenham, Heineken Uganda will be giving rugby fans and heineken consumers a one of a kind experience at the home of Rugby here in Kampala.

The world of sport will have its eyes firmly fixed on the Rugby World Cup in the upcoming months. Amid a growing interest in Rugby amongst Ugandans, Heineken, a worldwide partner of Rugby World Cup 2015, has kicked off its latest campaign ‘This is Rugby’ at Legends Rugby Club in Kampala.

The 2015 tournament ​is poised  to be a spectacular event, laced with unpredictability. The party wont stop either as Heineken promises to give rugby fans the ​ultimate screen experience that brings another level of enjoyment to the Tournament and really opens Rugby World Cup 2015 from the opening game to the finals on 31st October.

The Rugby world cup start match between England and Fiji kicks off at 10am local time. Heineken is offering fans a chance to predict and win goodies that include caps, polo shirts​ and jumpers.

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