Togo: Customer base of Coris Bank International booms, spurred by its Islamic Finance branch

Finance
Friday, 02 February 2024 14:49
Togo: Customer base of Coris Bank International booms, spurred by its Islamic Finance branch

(Togo First) - Since it launched in Togo in 2021, CBI Baraka, the Islamic finance branch of Coris Bank Togo (CBI Togo) has totaled a portfolio of 3,520 account openings. CBI Togo disclosed the figure yesterday, Feb 1, during a public conference in Lomé.

In 2021, the Islamic finance branch had 662 accounts, thus representing a surge of 430% over the past three years. Also, by the end of 2022, CBI Togo reports that its Islamic branch had loaned about CFA900 million to its clients. Meanwhile, deposits stood around CFA1,600 billion. 

According to Ousmane Tchakpatawo, Head of Islamic Finance at CBI, the figures prove that Islamic finance is in demand in Togo. Based on this conclusion, the lender announced plans to launch new Islamic finance products. 

In the same vein, Alassane Kaboré, MD CBI Togo, announced improvements in the bank’s Hadj Savings product. This is a product that meets Islamic laws and aims to facilitate the procedures for the Hajj pilgrimage.

CBI Baraka’s Islamic finance offer is Sharia-compliant. The loans are interest-free, in line with Islamic ethics and morality, and they support socially responsible investments. 

Esaïe Edoh

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