Official launch of the activities of the first Islamic microfinance

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“With the start of the activities of this first 100% Islamic microfinance institution in Senegal, we have just opened a new era which will enrich the landscape of community finance”, declared the minister during this ceremony at which took part the national director of the Central Bank of West African States (BCEAO) for Senegal, Amadou Al aminou Lô, the regional director of the Islamic Development Bank (IDB), Moussa Sylla, between others.

As pioneers, ”enormous responsibilities thus weigh on the shoulders of the founding members of this group, entirely Senegalese”, in order to build ”a truly sustainable industry of Islamic finance, for the benefit of disadvantaged populations and those at the search for an alternative to conventional interest-based financing methods,” said the Senegalese minister.

The objective through this project matured for six years is to make Senegal “a hub in the influence of Islamic finance”, for his part, indicated the Chairman of the Board of Directors of Taysir Finance, Papa Adama. Cisse.

It is above all a question of “setting up a strong ecosystem”, devoid of “speculations” for the influence of an “exclusive Islamic industry for the benefit of SMEs/SMIs and other individual companies”, all in ”the scrupulous respect of the rules in force and in particular following the guidelines of the BCEAO”, he added.

While welcoming this initiative which comes to ”strengthen” the microfinance sub-sector and ”better efficiency” of decentralized financial systems, the president of the Professional Association of Decentralized Financial Systems of Senegal (APSFD-Senegal) , Malick Diop, pleaded for ”the acceleration of the implementation of the current texts, relating to the supervision of the sector and to the authorizations to exercise”.



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