Three items were on the agenda. In particular, the establishment of an Islamic Window; the implementation of the Real Estate Program and the examination of several information notes. Following a meeting of the Board of Directors held on September 18, the Bank’s directors approved the establishment of an Islamic Window for the financing of projects.
“In line with the recommendations of the 2023-2027 “Azobé” Strategic Plan, the Directors have decided to submit to the General Assembly for approval the establishment of a Desk dedicated to Islamic Finance within the Bank,” reads the press release which sanctioned this work.
Furthermore, “the Council welcomed the Bank’s initiative to set up, in addition to its Counter dedicated to conventional finance, a window which allows it to expand its interventions in favor of populations and to further promote financial inclusion ” and the implementation of a real estate program.
The latter, which is provided for in the “Azobe” 2023-2027 strategic plan, includes among other things: the rehabilitation of the Headquarters in Brazzaville ; the construction of the residences of the Bank’s top managers and a sports and cultural complex in Brazzaville and the construction of the national representations of the BDEAC in each of the six (06) member states of CEMAC.
Islamic finance is based on the principles of Islamic law and seeks to convey a vision of justice, fairness and transparency. It is distinguished from conventional finance by the emphasis on ideas of Islamic ethics and morality on the prohibition of interest and the social responsibility of investment. It more closely links the financial probability of an invest with the results of the associated concrete project.
