Cameroon: CCA-Bank gets COBAC approval to operate in Islamic finance

CCA-Bank takes a further step in the development of Islamic finance in Cameroon with the imminent opening of two branches dedicated to this segment, in Yaoundé and Douala. This initiative, made possible by COBAC authorization, is designed to meet growing demand for financial services that comply with Sharia principles.

The Central African Banking Commission (COBAC) has granted prior authorization to Crédit Communautaire d’Afrique-Bank (CCA-Bank) for the partial exercise of Islamic finance within its network.

This decision, formalized by the regulatory body, enables the bank to operate through the Islamic window called “CCA-BANK Islamic Finance” and to offer products in line with the principles of Islamic finance.

To obtain this approval, CCA-Bank set up a specific organization with a Compliance Committee responsible for ensuring compliance with Islamic finance rules. The bank also obtained the necessary certifications and developed technological partnerships to develop applications dedicated to Islamic finance and ensure the efficient implementation of this new activity.

source: EcoMatin