With the full financial support of the International Islamic Trade
Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic
Development Bank Group (IsDB), Coris Bank International (CBI), a leading
bank in West Africa, headquartered in Burkina Faso, has recently
launched a range of Islamic financing solutions and products under its
Islamic window called “Coris Baraka”.
ITFC has been a key partner of Coris Bank International since 2015,
following a $9 million agreement whereby ITFC provided the bank with
funding to boost the private sector of the Burkinabe economy. One major
objective of the partnership was to alleviate the funding challenges of
this crucial sector of the economy while contributing to job creation
and income generation. This funding was essential for CBI to develop the
Islamic finance window in Burkina Faso.
The agreement reflected ITFC’s efforts to help the private sector in
member countries gain better access to trade finance and its strategic
approach to develop the potential of Islamic finance in Burkina Faso,
which has a majority of Muslim population. The total funding ITFC has
provided so far reached USD43 million.
Coris Bank Senegal has also been selected as the official partner of
the Pilot Project of ITFC new West Africa SME Development Program. This
is an Integrated Trade Solution aimed at improving access to credit for
SMEs in 8 West African 8 Countries through the provision of capacity
building services to local entrepreneurs and lines of financing to local
banks.
The Islamic Corporation for the Development of the Private Sector
(“ICD”), the private sector arm of IDB Group, helped structure the Coris
Bank International Islamic Window in Senegal in line with the advisory
agreement signed by ICD and CBI in 2017
whereby ICD assists Coris Bank
International’s subsidiaries in launching four dedicated Islamic windows
in Cote d’Ivoire, Mali, Senegal and Benin. — SG
For more details visit:http://ifaas.com/cbi-launches-islamic-financing-in-senegal.html
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