Cameroon-based Afriland First Bank has joined forces with Islamic Corporation for the Development of the Private Sector (ICD), a Jeddah-based unit of Islamic Development Bank, to launch a new Islamic window, reported Reuters.

The launch follows increasing availability of sharia-compliant financial products expands across Central Africa.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Afriland will deliver a range of products fully compliant with the principles and precepts of Islam including murabaha, musharaka, mudaraba and ijara. These contracts follow religious principles including a ban on interest and pure monetary speculation.

The bank has already launched an Islamic deposit account in 2000 that assists Muslims to perform their pilgrimage to Mecca.

Established in 1987, Afriland has subsidiaries in Equatorial Guinea, Sao Tome and Principe, Democratic Republic of Congo, Liberia, Zambia, South Sudan, and Guinea.

 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.