Coris Bank International (CBI) is planning to launch a new Islamic financing window in Burkina Faso early next year.
Additionally, the West African bank has joined forces with the Islamic Corporation for the Development of Private Sector (ICD), a subsidiary of the Islamic development Bank (BID) to launch the new Islamic window.
Coris Bank CEO, Idrissa Nassa, said that the practice of Islamic finance will boost access to finance for project developers to support the national economy.
The move will allow the bank to establish parallel institutions for the provision of financial products to its customers based on the Islamic regulations.
Under the partnership, ICD will provide support to CBI regarding training and development of infrastructure of the Islamic window.
Moreover, CBI is also planning to launch this project in other countries where it operates.