Yaoundé - 10 April 2020 -

Cameroon bets on Islamic financing to boost financial inclusion and attract Middle Eastern investors

Cameroon bets on Islamic financing to boost financial inclusion and attract Middle Eastern investors
  • Comments   -   Thursday, 12 December 2019 13:35

(Business in Cameroon) - In Cameroon, only one bank (Afriland First Bank) and three microfinance institutions, out of the 53 banks and nearly 500 microfinance institutions approved in the country, practice Islamic financing. Yet, the appropriation of this type of financing, based on the equitable distribution of wealth and the prohibition of profit, can considerably contribute to the development of financial inclusion in Cameroon.

To raise awareness about this type of financing, the Ministry of Finance and the UNDP organized, in Yaoundé, a forum on the theme “Islamic financing: contribution to Cameroon's economic growth and to the achievement of sustainable development goals.

According to Finance Minister Louis Paul Motazé, this type of finance “can promote the development of financial inclusion by targeting all those still excluded from the traditional financial system for cultural reasons. It can also constitute a complementary lever for economic growth by attracting foreign investment, particularly those from certain Middle Eastern countries wishing to recycle their excess liquidity.”


In Q1-2020, the volume of banana exported by producers still operating in Cameroon dropped by 13,143  tons. According to figures revealed by the...
In Cameroon, the electricity regulatory authority Arsel informs that from 2002 to Q1-2020, it received 71 electricity exploitation and distribution...
The Bank of Central African States (BEAC) announces that over the April 9-16, 2020 period, it will provide XAF250 billion of liquidity to banks operating...
In Cameroon, companies in the “major enterprise” category are now required to exclusively file claims disputes and payments suspension requests online via...

Mags frontpage

Business in Cameroon n85: March 2020

Minim Martap«It might be the best bauxite ever at the moment»

The necessary reform of Cameroonian public firms

Investir au Cameroun n95 Mars 2020

Minim Martap« Peut-être la meilleure bauxite au monde à ce jour »

La nécessaire réforme des entreprises publiques camerounaises