(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.”