Burkina Faso: Coris Bank receives $17 million to develop its Islamic finance offering
The objective is to support SMEs.The Islamic Corporation for the Development of the Private Sector (ICD) has granted a credit line of €17 million to Burkinabe group Coris Bank International (CBI).
This funding will help Coris to develop its range of Islamic banking services and allow it to support small and medium-sized enterprises (SMEs).
In March, the bank also received a funding $9 million from the International Islamic Trade Finance Corporation (ITFC) to develop its Islamic finance window.
It launched in April 2015 its range of Islamic financial products, named CBI Baraka, with plans to expand it to Ivory Coast, Mali and Togo. The bank has also opened a subsidiary in Senegal and will soon be present in Benin.
ITFC believes that the development potential of Islamic finance is important in Burkina Faso as the majority of the population is Muslim (about 60 per cent according to estimates).
The IMF recently said Islamic finance holds the promise to foster inclusive growth, adding that risk-sharing features and the strong link of credit to collateral means that it is well-suited for SMEs.