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Press release

26 January 2021

FSD Africa announces development of landmark Islamic capital market framework for the West African Monetary Union

FSD Africa is providing technical assistance for the development and promotion of the Islamic capital market framework for the region. The project is spearheaded by Conseil Régional de l’Epargne Publique et des Marchés (CREPMF).

Wednesday, January 20, 2021: FSD Africa, in partnership with Conseil Régional de l’Epargne Publique et des Marchés, is developing a regulatory framework that will help to establish an Islamic capital market in the WAMU region comprising Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.

The proposed new Islamic capital markets would work to spur growth in the region and increase financing of the Union’s economies.

FSD Africa’s support comes as part of its ongoing programme to strengthen Africa’s capital markets. The programme is centred on the development of capital markets master plans, conducting institutional capacity assessments, and creating capacity for sustainable finance such as green bonds, helping markets to adapt to their operating climate.

“We must ensure that financial systems are as relevant as possible to their local operating context. We look forward to working with local stakeholders to understand the needs of the capital market ecosystem in the region as we implement this ambitious programme – a first for the region. Islamic finance will not only foster inclusive finance amongst a vast majority of the population in the West African Monetary Union but will also unlock significant growth-inducing capital from market participants keen on ethical investing.”

Evans Osano, Director Capital Markets