Senegal and members of the West African Economic and Monetary Union (also known as the UEMOA region) have completed a review of the regions financial regulations, aiming to launch Islamic financial services later this year.
The review, completed by the international consultancy IFAAS (Islamic Finance Advisory & Assurance Services), was commissioned by the Senegal Ministry of Finance with the support of the Jeddah-based Islamic Development Bank (IDB).
IFAAS, with the support of local taxation and legal experts, undertook a comprehensive review of the entire regions financial sector and the regulations pertaining to the banking, insurance, microfinance, securities and capital markets industries.
The Senegalese tax laws were also reviewed to identify potential barriers that may impede the development of Islamic finance in Senegal and the UEMOA region.
The review was completed by IFAAS in close consultation with the relevant local and regional authorities and the findings were presented last week at a two-day workshop in the Senegalese capital, Dakar.
Source: W Africa closer to Islamic finance services
The review, completed by the international consultancy IFAAS (Islamic Finance Advisory & Assurance Services), was commissioned by the Senegal Ministry of Finance with the support of the Jeddah-based Islamic Development Bank (IDB).
IFAAS, with the support of local taxation and legal experts, undertook a comprehensive review of the entire regions financial sector and the regulations pertaining to the banking, insurance, microfinance, securities and capital markets industries.
The Senegalese tax laws were also reviewed to identify potential barriers that may impede the development of Islamic finance in Senegal and the UEMOA region.
The review was completed by IFAAS in close consultation with the relevant local and regional authorities and the findings were presented last week at a two-day workshop in the Senegalese capital, Dakar.
Source: W Africa closer to Islamic finance services
