ITFC Approves EUR 8 Million Murabahah Financing for Senegal’s COVID-19 Recovery

The International Islamic Trade Finance Corporation (ITFC) has agreed to provide Murabahah Financing of EUR 8 million to Banque Islamique du Sénégal (BIS), a Senegalese bank, to support trade finance operations within the country’s private sector, according to media reports.

The funding is focused on helping Senegal, which is a member of the Organisation of Islamic Cooperation (OIC), to cope with the economic crisis amidst the COVID-19 pandemic, by channelling capital towards the private sector to drive jobs and socio-economic development.

The EUR 8 million Murabahah facility is expected to boost intra-OIC trade, which aligns with the ITFC’s trade and develo...