logoBC
Yaoundé - 22 February 2020 -
Finance

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.”

BRM

cameroon-pcp-afop-to-train-3-500-people-in-agropastoral-and-fishing-sectors-in-2020-2021
The agropastoral and fishing training programme PCP-Afop, steered by the Ministries of Agriculture and Livestock, has just launched the recruitment of the...
denmark-discusses-cooperation-areas-in-the-maritime-sector-with-cameroon
On February 19, 2020, in Yaoundé, the Minister of Transport, Ernest Massena Ngalle Bibehe, received in audience Danish ambassador to Cameroon Jesper...
french-start-up-heetch-effectively-launches-vip-motorcycle-taxi-service-with-a-network-of-250-drivers
Equipped with pink vests and helmets, 250 motorcycle taxis now roam the streets of Douala, on behalf of French start-up Heetch, the government daily...
british-firm-the-first-group-eyes-both-investors-and-investment-opportunities-in-the-cameroonian-real-estate-sector
On February 19, 2020, in Yaoundé, British firm The First Group’s executives presented investment opportunities in the real estate sector in Dubai to...

Mags frontpage


Business in Cameroon n84: February 2020

Money transfer business Cameroon is on the front line


Interview: «Shifting from bureaucratic management to efficient public management»


Investir au Cameroun n94: Février 2020

Sociétés de transfert d’argent Le Cameroun au cœur de la bataille


Entretien : « Passer d’une administration bureaucratique à une gestion publique performante »