On the sidelines of the 2nd edition of the Invest In Senegal Forum (FII 2025), the Islamic Bank of Senegal (BIS) signed a strategic partnership agreement with the International Finance Corporation (IFC), a subsidiary of the World Bank Group. This agreement, described as "historic" by the Director General of the BIS, marks a major step forward for Islamic finance in Senegal and sub-Saharan Africa.

A first for Islamic finance in Africa

During his speech, the Director General of BIS underlined the symbolic importance of this agreement: "It marks the first World Bank operation in sub-Saharan Africa carried out according to the principles of Islamic finance." Structured around a Murabaha contract, this financing will allow BIS to strengthen its support for small and medium-sized enterprises (SMEs), "the engine of job creation and the beating heart of our national economy."

A helping hand for Senegalese SMEs

In 2024, BIS had already supported SMEs to the tune of 110 billion FCFA in various sectors such as agriculture, agri-food, industry, and services. This partnership with IFC aims to amplify this commitment by strengthening resources tailored to the needs of SMEs and diversifying interventions to reach a greater number of businesses. "This is a key element of our new 2025-2029 strategic plan, which aims to triple our portfolio," said the Director General.

Ethical and inclusive finance

This partnership illustrates the relevance of Islamic finance, based on "trust, solidarity, and risk sharing." According to the Director General, this approach combines "economic performance and social impact" while respecting Senegal's ethical, religious, and cultural values. BIS is thus positioning itself as a key player in promoting a more inclusive and sustainable economy by supporting SMEs in their development and backing innovative projects that generate employment.

A signal of confidence and a new beginning

The IFC's selection of BIS confirms the "leadership, credibility, and strength" of its model, the Managing Director said. He expressed his gratitude to the IFC, the World Bank Group, and the Islamic Development Bank, the major shareholder, for their trust and support. This signing, far from being an end, paves the way for "new collaborations" and a renewed ambition to strengthen the Senegalese economic ecosystem.

In conclusion, this partnership marks a decisive step for BIS and for Senegal, strengthening the bank's capacity to support SMEs and promote ethical finance for sustainable and inclusive development.