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A new Islamic microfinance institution launched in Senegal

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Tehran (IQNA)- The Minister of Microfinance, Social and Solidarity Economy, Zahra Iyane Thiam, chaired the inauguration ceremony and launch of the activities of the first Islamic microfinance institution in Senegal called “Taysir Finance SA “.

According to Zahra Iyane Thiam, Minister of Microfinance, Social and Solidarity Economy, this meeting marks the advent of a new era for the start-up of the very first Islamic Microfinance institution in Senegal. Indeed, Taysir Finance SA, comes in addition to enrich the landscape of the country’s finance.

As such, she thanked the government and partners including the Islamic Development Bank for their commitment and determination for the success of such a project. On this occasion, the minister also welcomed the development program of Islamic Microfinance in Senegal (PROMISE) set up by the government of Senegal and the Islamic Development Bank.

However, this new project will be in accordance with the integration of moral and ethical values ​​in modern financial practice through certain principles of the committee in charge of Islamic finance. Following the example of the prohibition of interest or Ribba, speculation in financial transactions but also to fight against certain illicit activities. In terms of digitalization, it is a major challenge from his point of view because it allows to broaden access to other financial services at lower costs.

For his part, Pape Adama Cissé, Chairman of the Board of Directors of Taysir Finance SA was very pleased with this collaboration before thanking the Minister of Microfinance, Social and Solidarity Economy.

Thus, according to him, this project will support the financing of Senegal. Because it responds in perfect harmony with the economic fabric of Senegal. In other words, informals, SMEs and small companies are among those that cover Senegal’s economy the most. Hence it is important to invest in the microfinance sector. In this regard, he calls for good governance of banks and compliance with regulations.

Thus he thanked the Ministry of Microfinance for its approval as well as the partners (Ministry, Central Bank and the Islamic Development Bank) for the success of this project. Furthermore, he addressed his thanks also to the shareholders for the investment. “It’s an Islamic bank, of course, but beware, it’s a modern bank,” he concluded.

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