Burkina Faso: Coris Bank receives $9 million to develop Islamic finance
The development potential of Islamic finance is considered important in Burkina Faso.Burkinabe group Coris Bank International (CBI) has received funding of nine million (€8 million) from the International Islamic Trade Finance Corporation (ITFC) to develop its Islamic finance window - named CBI Baraka.
These funds are aiming to enable Burkina Faso's leading Islamic financial institution to boost the deployment of its range of Shariah-compliant financial products.
Coris Bank launched in April 2015 its first Islamic window in Burkina Faso. It plans to expand its range of Islamic financial products in Ivory Coast, Mali and Togo. The bank is also preparing to open subsidiaries in Benin and Senegal.
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 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).