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.
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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.
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