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Bank of Ghana cuts key rate; Sompo sets up Israel fintech hub

* The International Islamic Liquidity Management Corp., a consortium of central banks and monetary agencies from countries including Qatar, Nigeria and the United Arab Emirates, is planning to issue longer-term Islamic bonds in a bid to address demands from Islamic lenders, its acting CEO, Abdoul Aziz Ba, told Reuters. The entity launched a short-term issuance program in 2013.

MIDDLE EAST AND NORTH AFRICA

* The value of M&A deals in the Middle East and North Africa rose 23% on a yearly basis to $4.3 billion during the third quarter, Argaam wrote, citing consultancy firm EY. The largest deal in the period was Kingdom Holding Co.'s announced acquisition of a minority stake in Banque Saudi Fransi for $1.5 billion.

* The Bank of Israel decided to maintain its interest rate at 0.1% as inflation continues to languish below the target range of 1% to 3%. The central bank's economists project a 15-basis-point increase in the interest in the fourth quarter of 2018, Reuters noted.

* Sompo Holdings Inc. established a financial technology hub in Tel Aviv, becoming the first Japan-based insurer to do so in Israel.

* Activist hedge fund RBR Capital Advisors, which has called for the breakup of Credit Suisse Group AG into three parts, offered to connect the Swiss lender with the Saudi royal family as potential major shareholders, an insider told Reuters. Rudolf Bohli, who heads RBR, reportedly told Credit Suisse CEO Tidjane Thiam that the bank could boost its presence in the Middle East by having the Saudi royal family as a key shareholder.

* Saudi Arabia's Capital Market Authority fined Al Alamiya for Cooperative Insurance Co. 50,000 Saudi Arabian riyals for failing to get shareholder approval before entering into a one-year contract with Riyad Bank to provide insurance coverage for the lender's auto leasing program, Argaam wrote. The regulator also fined Allianz Saudi Fransi Cooperative Insurance Co. 10,000 riyals for failing to determine the bonuses of its audit committee members during a set period that ended April 21.

* Amana Cooperative Insurance Co. submitted an application to the Saudi Arabian Monetary Authority to increase its capital, Argaam noted. The firm's board in September 2016 recommended a rights issue of 100 million riyals to help boost its solvency margin and fund future activities.

* Dubai-based SHUAA Capital PSC said it is no longer pursuing the acquisition of a stake in Kuwait-based Global Investment House KSC (Closed).

* Bassam Chilmeran, reinsurance committee chairman at the Emirates Insurance Association, said the possibility of the UAE establishing a national reinsurance company is weak due to the reluctance of the country's insurance companies to contribute to the venture, the Middle East Insurance Review wrote.

* A London judge ruled in favor of a wealthy Kuwaiti family suing Credit Suisse for losses amounting to $29 million from investments with the bank during the 2008 financial crisis, Bloomberg News reported.

* Capital Intelligence Ratings last week affirmed Jordan's long-term foreign- and local-currency ratings of BB- and BB, respectively, and its short-term foreign- and local-currency ratings of B.

* Central Bank of Sudan Governor Hazem Abdelqader said the country will introduce new measures aimed at unifying the exchange rates of the Sudanese pound by January 2018 but ruled out the possibility of floating the currency, Reuters reported.

* Deutsche Bank AG named Ahmed Shehab head of trade finance for financial institutions for the Middle East, North Africa and Turkey region. He will continue as head of Deutsche Bank's representative office in Egypt.

EAST AND WEST AFRICA

* The Bank of Ghana lowered its benchmark interest rate by 100 basis points to 20%. The central bank said the banking sector remains liquid and solvent, although the nonperforming loan ratio remains high at 21.6% at October-end, down from 21.9% in August.

* The African Development Bank is investing approximately $500 million in the Development Bank of Nigeria, the Daily Trust reported, citing Pierre Guislain, the AfDB's vice president for private sector, infrastructure and industrialization.

* Bank directors with insider nonperforming loans should quit or be removed, according to the Central Bank of Nigeria's new code of corporate governance, the Daily Post wrote.

* Seven of Kenya's biggest lenders that have so far reported nine-month results recorded a 6.7% year-over-year decrease in net profit to 57.6 billion Kenyan shillings from 61.8 billion shillings, due to the impact of the interest rate cap implemented last year, Business Daily Africa reported.

CENTRAL AND SOUTHERN AFRICA

* Zimbabwe's new president, Emmerson Mnangagwa, named Patrick Chinamasa as the country's acting finance minister until a new cabinet has been appointed, Reuters reported. Chinamasa had served as finance minister under former President Robert Mugabe but was moved to a newly created cyber security ministry during a reshuffle in October.

* South African President Jacob Zuma instructed Finance Minister Malusi Gigaba to outline concrete measures to urgently boost the economy, following S&P Global Ratings' downgrade of the country's local-currency debt to sub-investment-grade and Moody's placement of the country's ratings on review for downgrade, Reuters reported.

* Sasfin Holdings Ltd. CEO Roland Sassoon is stepping down and will be replaced by executive director Michael Sassoon, effective Jan. 1, 2018.

* Fitch Ratings downgraded the Development Bank of Namibia's long- and short-term issuer default ratings to BB+/B from BBB-/F3, following the recent downgrade of Namibia's ratings.

* Fitch affirmed Zambia's long-term issuer default ratings at B with a negative outlook.

* Alain Ripert has resigned as CEO of Banque Internationale du Cameroun Pour l'Epargne et le Crédit, Financial Afrik wrote. The reason for his departure was not disclosed and a replacement has not yet been appointed.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: China to halt approval of Hong Kong-focused funds; Challenger eyes AMP Life

Europe: EU banks stronger; Julius Bär gets new CEO; Allianz eyes more of Euler Hermes

Latin America: Honduran opposition bet leads in polls; Mexico finance minister set to quit

North America: Leadership clash at CFPB heads to court

North America Insurance: Surge in cheap ACA plans; state blocked from seizing Pa. insurer's reserves

Leo Magno, Henni Abdelghani, Sophie Davies and Helen Popper contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription.