Islamic finance is striving in Senegal

Dec 09, 2013

Vulgarising Islamic finance will be the best way to guarantee this type of financing a promising future, according to the international consultant and Islamic finance expert Ahmed Ould Houédib, quoted in REWMI.com.

Vulgarising Islamic finance will be the best way to guarantee this type of financing a promising future, according to the international consultant and Islamic finance expert Ahmed Ould Houédib, quoted in REWMI.com.

Multiple banks throughout the country have started to integrate Islamic finance-specific services as part of their operations. Banks such as UBS and PARIBAS have for instance launched specialised branches.

Mr Houédib believes these marks of interest from European institutions are proof of the promising future of Islamic finance.

About 95 per cent of Senegalese people are Muslim, which means Islamic finance has a large potential market. Developing branches run according to Sharia principles could help increase the country’s access to finance, which in May 2012 was only eight per cent.


To encourage this development, a national training workshop, during which Mr Houédib discussed the topic, was held in Senegal early November.

Acting as a true introduction to the subject, the workshop covered communication, structure and principles of Islamic finance.

Islamic finance-related initiatives are numerous in the country. For instance, the Islamic Bank of Senegal has launched a project for the Islamic micro financing of SMEs.


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