Coris Bank International Tchad (CBI Tchad) officially launched its Islamic finance window, "Coris Bank International Baraka Tchad", on October 26, 2026, in N'Djamena. This move aligns with the bank's slogan, "the bank otherwise", and complements its conventional services with Sharia-compliant offerings. The launch was announced by the bank's General Director, Fidèle Toko, in the presence of members of the Islamic Finance Operations Compliance Committee.
CBI Tchad has opted to open a dedicated window within its subsidiary rather than creating a separate entity. According to Fidèle Toko, this model ensures a strict separation between conventional and Islamic finance funds and operations. The setup complies with the COBAC regulations (R-2022/01 to R-2022/07) and the CEMAC regulation n°04/22/CEMAC/UMAC/CM. This is not the bank's first foray into Islamic finance, as the "Baraka" brand already successfully operates eight Islamic finance windows in the group's West African subsidiaries.
The launch of "Baraka" is driven by the low banking rate in Chad, which remains below 10%. The bank sees this as an opportunity to promote financial inclusion for the population and the informal sector, which accounts for over 80% of employment and is hesitant to engage with the conventional banking system. Islamic finance is based on specific ethical rules, prohibiting Riba (usurious interest), Gharar, and Maysir (speculation and uncertainty), as well as financing illicit sectors.
Islamic finance relies on tangible assets and profit-sharing, with all products and services validated by an internal Compliance Committee (Sharia Board). The Sharia Board is chaired by Dr. Abdessattar Khouildi and includes members such as Cheikh Abdadayim Abdoulaye Ousmane and Dr. Abdelkerim Amine Toloba. Seideh Malloum is responsible for Islamic finance at the bank. Dr. Khouildi stated that the bank offers a comprehensive and diversified range of Sharia-compliant solutions.
Coris Bank International, founded in 2008 by Idrissa Nassa in Burkina Faso, now has twelve subsidiaries across eight UEMOA countries, Guinea, Cape Verde, Chad, and Gabon. According to the 2024 official ranking by the Banking Commission, the group holds the third position among twelve banking holdings, with an 8.6% market share in total balance and over €991 million in consolidated equity.
With over 200 branches, a digital offering, and a positioning as a partner bank for SMEs and small industries, CBI Tchad is now venturing into a highly anticipated area with "Baraka": reaching a population largely distant from the formal banking circuit. The bank aims to leverage this initiative to promote financial inclusion and tap into the largely unbanked market.
The introduction of "Baraka" by CBI Tchad marks a significant milestone in the country's banking sector, as it seeks to provide Sharia-compliant financial services to a wider audience. With its comprehensive range of products and services, the bank is poised to make a positive impact on the country's financial landscape.
Key points
- Coris Bank International Tchad launches its Islamic finance window "Baraka" to cater to the largely unbanked population.
- The bank's move is driven by the low banking rate in Chad, which remains below 10%.
- The "Baraka" brand already operates eight Islamic finance windows in the group's West African subsidiaries.
