Launch of Coris Bank deepens Islamic banking in Africa
20-06-2018 15:26:47 | by: Bob Koigi | hits: 10713 | Tags:

Islamic banking is gaining a strong footing in African region with the launching Islamic banking windows of Coris Bank International in Mali, Senegal, Benin and Côte d’Ivoire.

In May this year, the official launching of Coris Bank Baraka Senegal took place in the presence of the Islamic Corporation for the Development of the Private Sector (ICD) representatives, the Minister of Budget of Senegal, the Deputy CEO of Coris Bank International group, the CEO of Coris Bank International Senegal as well as other dignitaries. 

To commemorate this event, Nida Raza the Director of Advisory at ICD and Wajdi Hachana of Islamic Financial Institutions, ICD attended the inaugural ceremony.

Ms. Niang Sakho, the CEO of Coris Bank International Senegal welcomed the attendees at the launching ceremony of the Islamic Window and stated that Coris Bank is engaged in offering suitable products and services to its clients in line with their expectations.

It is therefore natural for Coris Bank to engage in highly desired Islamic Finance for both Muslim and Non-Muslim communities given its ethical values, social philosophy, and impact on real economy as well as robust resilience.

The aim of Coris Bank is to present its customers with alternative Islamic Banking products and services which will ensure financial inclusion and economic prosperity for millions of people who are left out from the financial sector due to lack shariah complaint means.

Such inclusive growth and development will go a long way to create an equitable distribution of wealth.   

In this regard, during the launching ceremony, the Islamic Finance group director of Coris Bank International, Mrs Sylvie Sally KINDA COMPAORE presented the strategy of the bank to offer the Islamic banking as alternative products to conventional products.

She highlighted the crucial roles ICD played to launch different Islamic Windows of Coris banking group successfully.

Ms. Nida Raza, Director of Advisory at ICD, stated, “ICD value the commitment demonstrated by Coris Banking group to promote Islamic banking in Africa, and maintain that the Islamic finance will ensure financial inclusion, equitable economic development and financial stability which are instrumental to achieve the SDG goals.”

The Minister of Budget of Senegal showed appreciation to Coris banking group for launching the Islamic window, which, he said, will act as catalyst to ensure inclusive and sustainable development of Senegalese economy. He thanked the initiatives taken by Senegal to become the Islamic Finance hub in the African region by adopting suitable taxation and legal framework for Islamic finance.

He mentioned that Senegal was the first country in the region to issue sovereign Sukuk which demonstrates its commitment to promote Islamic Finance in Senegal. He expressed his gratitude to IsDB and ICD for the support to develop Islamic finance in Senegal. 

Afterwards, The Minister of Budget, Senegal officially launched the Islamic Window “Coris Bank Baraka Senegal”.

This event was the culmination of one year collaboration between ICD and Coris Bank International to initiate Islamic Banking operations in the Coris banking group.

ICD as a technical advisor has facilitated the successful launching of Islamic windows in Senegal, Benin and Mali. Further, Coris Bank International and ICD are collaborating together to launch one more Islamic window in Côte d’Ivoire by end of June, 2018.