BOAD to open an Islamic finance window
This initiative will allow the bank to reach out to more people in the region.The West African Development Bank (BOAD) announced on Wednesday, November 18th that it is working to open a window dedicated to Islamic finance.
BOAD's head in Ivory Coast Oumar Tembely said at a seminar that this initiative will enable the bank to expand its interventions and reach more people, Fraternite Matin reports.
The announcement comes just a few weeks after the Regional Council for Public Savings and Financial Markets (CREPMF) - the Regulatory Body of the WAEMU's financial market - and the Islamic Corporation for Private Sector Development (SID) have signed a partnership agreement to promote Islamic finance on the regional financial market.
The agreement covers cooperation, the exchange of information and the development of a regulatory framework to accelerate the use of Islamic finance tools and sharing of experiences.
The IMF recently said Islamic finance holds the promise to foster inclusive growth and support the livelihood and aspirations of the people in Africa and beyond, adding that risk-sharing features and the strong link of credit to collateral means that it is well-suited for small and medium-sized enterprises (SMEs).