Islamic finance: Coris Bank loaned Togo CFA900 million

Finance

Thursday, 09 February 2023 19:26

Islamic finance: Coris Bank loaned Togo CFA900 million

(Togo First) - CBI Togo, a subsidiary of Coris Bank International, closed 2022 with CFA900 million of loans granted and about CFA1,600 billion collected, in its Islamic finance segment.

CBI Togo’s top management recently disclosed the figures at a press briefing led by Ousmane Kaboré, the bank’s boss. The briefing followed the 5th meeting of the Internal Control Council of CBI Baraka, in charge of Islamic finance in Togo.

Since February 2021, CBI Baraka operates in the field of Islamic finance in Togo and claims a portfolio of nearly 2000 accounts created for this type of financing; 85% of the customers are detained by individuals, and the remaining 15% by businesses. According to Ousmane Tchakpatawo, head of Islamic finance at CBI, 1,889 accounts were opened last year, in the Islamic finance segment.

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During the press briefing, CBI Togo’s management presented its assessment of Islamic finance in Togo. Also, it approved the launch of the Hajj Savings, which complies with the rules of Islamic finance and aims to facilitate the procedures for the Hajj pilgrimage.

Prof. Mensah Anani Mensah Nourredine, Imam Mako, and Dr. Khouildi Abdessatar, members of the Internal Control Committee of Coris Bank Baraka, welcomed the positive evolution of the Islamic finance offer in Togo.

Compliant with Shari’ah Law, Islamic finance does not allow interest-bearing loans and has at its heart Islamic morality and ethics. Besides, it puts emphasis on socially-responsible investments.

Although CBI Baraka is the first player to offer this type of product to individuals and corporations in Togo, at the institutional level the country has already mobilized resources through Islamic bonds, Sukuks. In fact, Togo was one of Africa’s top 10 Sukuk issuers in 2018, according to Moody's.

Globally, Islamic finance represented an outstanding amount of more than $2.8 trillion in 2021 or slightly more than 1% of conventional finance.

Ayi Renaud Dossavi

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