Islamic body to open banks in Mali, Benin

Two new Islamic banks are planned to be opened in Mali and Benin by the Islamic Corporation for the Development of the Private Sector (ICD). The openings are scheduled for next year. The initiative is part of the efforts to expand the industry's consumer base in Africa. According to Khaled Al-Aboodi, the development of Islamic banking in Africa is more important in terms of supplies than in terms of the potentially massive demand. ICD further intends to establish Islamic financial institutions including banks and takaful insurers in Africa. The established in 2009 Tamweel Africa Holding (TAH) is to contribute to the establishment, acquisition and management of Islamic financial institutions in West Africa.

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