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Ecobank goes into Islamic finance in Cameroon

Ecobank goes into Islamic finance in Cameroon
  • Comments   -   Wednesday, 17 February 2016 18:24

(Business in Cameroon) - The Cameroonian subsidiary of the Pan African banking group Ecobank now offers to its clients the "Mudaraba saving account", which follows the rules of Islamic finance, the banking establishment announced in an advert.

Ecobank Cameroun thus joins on this segment Afriland First Bank, a credit institution with Cameroonian majority shareholding, which went into Islamic finance some years ago, with the Islamic current account (compte de dépôt islamique - CDI).

On 20 February 2015, this Cameroonian bank officially opened a branch focused on Islamic finance, with the support of the   International Company for the Development of the Private Sector (Société internationale de développement du secteur privé - SID), subsidiary of the Islamic Development Bank (IDB).

During the first year of operation of this specialised branch, Afriland First Bank was planning to collect around FCfa 3 billion, based on the 20% of the Cameroonian population of Muslim faith.

As a reminder, over 500 banking institutions operate within the Islamic financing system throughout the world. This specialised form of financial services boasts of cumulated assets of over USD 1,000 billion, equivalent to more than FCfa 550,000 billion.


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