Dakar, Senegal, October 7, 2025 — IFC today announced its first Islamic financing partnership in sub-Saharan Africa, providing Banque Islamique du Sénégal (BIS) with funds to boost access to finance for micro, small, and medium-sized enterprises (MSMEs) in Senegal, including for women-owned and women-led businesses.
Under the partnership, IFC will provide up to $40 million in Islamic financing to BIS, supporting it to triple its MSME loan financing to nearly $350 million over five years. At least 10 percent of the funds will be dedicated to women entrepreneurs. According to IFC’s estimations, this funding will help create up to 7,000 direct and indirect jobs in the coming years.
Islamic financing is a system that adheres to the principles of Sharia law. It demonstrates significant potential for advancing financial inclusion in some of Africa's underserved markets. In Senegal, where nearly 94 percent of the population identifies as Muslim, Islamic banking assets represented only about 8.3 percent of total banking assets in 2024, indicating substantial opportunities for expansion.
BIS is the first fully Islamic bank in the West African Economic and Monetary Union (WAEMU) and the third largest in Senegal by assets.
““This partnership with IFC reflects our commitment to supporting Senegalese entrepreneurs and fostering inclusive growth. This financing will allow us to significantly strengthen our capacity to serve the micro, small, and medium-sized enterprise segment, with a particular focus on women entrepreneurs, while advancing Islamic finance in Senegal through innovative solutions. This initiative is fully aligned with our mission to finance the real economy while upholding the values of fairness, transparency, and responsibility. We thank IFC for its trust and support, and we commend the daily dedication of the BIS teams who made this milestone possible,” said Aminata Faye Seck, Managing Director of BIS.
“This landmark transaction — IFC’s first Islamic finance transaction in sub-Saharan Africa — will help expand access to finance for Senegal’s MSMEs, the backbone of the country’s economy. This partnership reflects IFC’s strategy to support MSMEs to drive job creation, promote financial inclusion, and empower women entrepreneurs, fostering sustainable and inclusive growth across the region,” said Ethiopis Tafara, IFC Vice President for Africa.
IFC will also provide advisory support to help strengthen BIS’s risk management framework, enhance its environmental and social standards, while equipping the bank with a targeted MSME banking strategy to better serve small businesses.
MSMEs are the backbone of Senegal’s economy, representing over 90 percent of businesses, contributing nearly 20 percent of GDP, and generating about 40 percent of jobs. However, many struggle to access the financing they need to grow.
IFC’s financing is supported by the IDA20 IFC-MIGA Private Sector Window (PSW) Blended Finance Facility, as part of the MSME Finance Platform – SME Envelope.
IFC’s support to BIS aligns with the strategic partnership launched in 2023 between the World Bank Group and the Islamic Development Bank, which aims to mobilize up to $6 billion by 2026 to support Islamic finance and financial inclusion.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About Banque Islamique du Sénégal (BIS)
The Islamic Bank of Senegal (BIS), a member of the Islamic Development Bank Group, is the only banking institution in the country that operates exclusively according to the principles of Islamic finance. Covering 74% of the national territory, it offers a full range of banking products and services compliant with Islamic principles, meeting the needs of all economic agents in the population — individuals, entrepreneurs, microenterprises, SMEs, and large companies.
BIS, which has the 3rd largest branch network, ranks 3rd in the sector out of about thirty banks in terms of combined market share, and in 2024 injected more than 110 billion into SME financing. For more information, visit www.bis-bank.com.
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