Coris Bank International Tchad (CBI Tchad) officially introduced its Islamic finance window, Coris Bank International Baraka Tchad, on October 28, 2026, in N'Djamena. The launch event was attended by economic operators, traders, and various commercial entities in the country. The ceremony was presided over by Fidèle Toko, Managing Director of CBI Tchad, in the presence of Abderamane Gademi, Administrator of the Chamber of Commerce, Industry, Agriculture, Mines, and Handicrafts (CCIAMA), and Dr. Ahmat Mbodou Mahamat, President of the Economic, Social, Cultural, and Environmental Council (CESCE).
CBI Tchad opted for a dedicated window within the bank rather than creating a separate structure for its Islamic finance activities. According to Fidèle Toko, this model ensures a strict separation between conventional and Islamic finance funds and operations. The setup complies with the regulations of the Central Bank of West African States (COBAC). The "Baraka" brand has successfully operated eight Islamic finance windows in the group's subsidiaries in West Africa, providing valuable experience for the Chadian launch.
The Islamic finance model prohibits interest (riba), excessive uncertainty (gharar), and speculation (maysir), as well as financing illicit sectors. It is based on tangible assets and profit-sharing, with an emphasis on honesty in transactions. All products and services offered by Coris Bank International Baraka Tchad are validated by an internal Compliance Committee (Sharia Board), chaired by Dr. Abdessattar Khouildi. The committee includes members such as Cheikh Abdadayim Abdoulaye Ousmane and Dr. Abdelkerim Amine Toloba.
Seideh Malloum is responsible for Islamic finance at Coris Bank International Baraka Tchad. According to Dr. Khouildi, the Sharia Board supervises the activity and ensures its conformity with Islamic principles. The committee validated at least four products just before the launch and will conduct audits to verify the conformity of operations with approved products. This process ensures that all transactions adhere to Islamic finance principles.
Dr. Khouildi detailed the main products offered by Coris Bank International Baraka Tchad, including Mourabaha, Ijara, Moucharaka, Moudaraba, and Salam. Mourabaha involves the bank buying a good and selling it to the client at an initial price plus a margin, typically for short-term financing. Ijara finances equipment and is similar to leasing, although the mechanism differs. Moucharaka involves a partnership between the bank and the client to create a project, sharing the results.
The Moudaraba product, which will be implemented later, involves a partnership between an expert without capital and the bank, which provides the funds. The project's revenues are distributed according to a predetermined key. In case of loss, the financier loses their investment, and the entrepreneur loses their work. However, the bank conducts a feasibility study to ensure the project's viability before investing. The Salam product is adapted to agriculture, where the bank advances a sum to the producer, who then delivers their harvest.
With the launch of Coris Bank International Baraka Tchad, the bank aims to provide a comprehensive and diversified range of Islamic finance products to the Chadian market. The bank's move into Islamic finance is expected to attract customers seeking Sharia-compliant financial services. The success of the "Baraka" brand in other West African countries provides a positive outlook for the new venture in Chad.
Key points
- Coris Bank International Tchad launches its Islamic finance window, Coris Bank International Baraka Tchad, in N'Djamena.
- The bank offers a range of Islamic finance products, including Mourabaha, Ijara, Moucharaka, Moudaraba, and Salam.
- The Sharia Board, chaired by Dr. Abdessattar Khouildi, ensures that all transactions conform to Islamic finance principles.
