Sep 14 2011 |
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Gabon courts Islamic finance
By Steve Mbogo The government of Gabon is to change its financial laws to authorize Islamic finance, in order to attract Shari'ah compliant FDI as part of the economic reforms it is currently implementing.Gabon, one of the most sparsely populated African countries, with only 1.7m people, boasts rich oil reserves, significant forestry resources and major gold, diamond and manganese deposits. The government this week inaugurated its first Special Economic Zone, an initiative that has already attracted investments of $1.8bn and now has an eye on SWFs and MENA government money.
An official from the Export Promotion Agency, who requested to remain anonymous, confirmed that the reform of the financial laws was expected soon.
Part of the reason for encouraging Islamic finance is so that the country can issue instruments like sovereign Sukuk in the international capital markets to help finance its infrastructure projects.
© The Islamic Globe 2011
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