logoBC
Yaoundé - 26 September 2021 -
Finance

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.

BRM

Lire aussi

26-02-2015 - Afriland First Bank veut collecter 3 milliards FCfa en 2015, sur son guichet banque islamique

kribi-to-soon-host-two-plantain-production-and-fish-farming-clusters
In the framework of its far belt project in Kribi, the host town of a deep seaport, agroforestry cooperative Coop CA AIO is currently planning to create...
cameroon-pm-joseph-ngute-instructs-the-allocation-of-a-specific-percentage-of-public-construction-contracts-to-matgenie
Since September 22, 2021, employees of the National Civil Engineering Equipment Depot (MATGENIE) have been, once again, protesting to request the payment...
douala-bangui-ndjamena-corridor-cameroon-introduces-single-transit-permit-to-save-time-and-reduce-hassles
Cameroon recently introduced the single transit permit for trips along the Douala-Bangui and Douala-Ndjamena corridors. This digital permit issued by...
foreign-trade-togo-became-cameroon-s-leading-african-supplier-of-petroleum-products-in-2020-ins
In 2020, Togo became Cameroon’s leading African supplier and the 7th worldwide, according to figures published by the National Institute for Statistics...

Mags frontpage


Business in Cameroon n103: September 2021

Cameroon: The other cocoa land


The rise of private equity


Investir au Cameroun n113: septembre 2021

Le Cameroun, l’autre pays du cacao


L’émergence du private equity camerounais