Turkey’s Bank Asya Sells Stake In Tamweel Africa To ICD

In a statement to Borsa Instanbul on 8 January, Bank Asya (Asya Katilim Bankasi) revealed it is selling the whole of its 40 per cent stake in Tamweel Africa Holding for EUR 31.8 million ($37.7 million) to Islamic Development Bank subsidiary the Islamic Corporation for the Development of the Private Sector (ICD).

The bank expects to book a profit of TRY 41,262,931. Tamweel Africa Holding (TAH) S.A is incorporated in the Republic of Senegal with its head office located in Dakar with the mission to promote Islamic finance in Sub Saharan Africa. It ws created by the ICD to pool its investments in Banque Islamique du Senegal, Banque Islamique du Niger and Banque Islamique de Guinee following the acquisition of shares of Dar Al-Maal Al-Islami, an Islamic Financing Group.

Originally published on www.cpifinancial.net