PROMISE benefits from IDB approach and hopes for the release of the Moudaraba line

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The national coordinator of the program for the promotion of Islamic microfinance in Senegal chaired this morning in the presence of authorities of the Islamic development bank, the workshop on “Islamic finance and the IDB’s approach to empowerment and economic empowerment. This workshop consists of building the capacity of microfinance actors so that they can assert themselves as economic actors. The Islamic Development Bank therefore intervenes to support the PROMISE in the formulation of projects generally designed by the actors so that the financing of their activities is done carefully. Since its launch in 2018, the National Islamic Microfinance Program in Senegal has deployed resources to support the development of a regulatory framework favorable to Islamic microfinance, strengthen the capacities of beneficiaries, and mobilize the mudaraba line of financing. Moreover, of the 30 billion of this line of financing, 60% will be designed for the value chain.

Néné Fatoumata Tall, head of the Islamic microfinance program, this morning magnified the presence of the Islamic Development Bank through this information and support mission to support Islamic finance in Senegal. It thus hopes the start of financing after release of this line planned in the coming days and thus allowing the Promise to become institutionalized as a fund for the establishment of Islamic financing.


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