BIS BANK SN SL (IFC-50240)

Countries
  • Senegal
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Banque Islamique du Senegal
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 45.04 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 40
Converted using 2025-04-10 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 26, 2025

Disclosed by Bank Apr 10, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment consists of an unsecured sharia facility of up to EUR40 million with a up to 5-year tenor to support the only Islamic bank in Senegal, Banque Islamique du Senegal (BIS). The funds will enable the Bank to provide sharia compliant financing to micro, small and medium enterprises (MSMEs). The Project is a unique opportunity to enhance financial inclusion for underserved MSMEs in Senegal, an IDA country, where Islamic finance remains underdeveloped despite a Muslim population of 96%.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The project consists of a sharia compliant facility to Banque Islamique du Senegal (BIS). The Project will enable the Bank to provide sharia compliant financing to micro, small and medium enterprises (MSMEs). The MSME portfolio by sector includes exposure to: Construction and real estate, Wholesale and retail, Warehousing & storage, Telecommunications, Agricultural production, Finance & insurance, Utilities, Chemicals that are typically associated with E&S risks related to occupational health and safety, waste and hazardous waste management, and air emissions, among others. The E&S risks and impacts associated with the supported MSME activities are considered limited and readily addressed through established mitigation measures and therefore the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed investment is a Sharia-compliant facility of up to EUR 40 million, with a maximum tenor of 5 years and a 2-year grace period, aimed at supporting the Bank's lending to MSMEs in Senegal.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Banque Islamique du Senegal was established in 1983 by Saudi Crown Prince Mohamed Fayçal Al Saoud through Dar Al Maal Al Islami (DMI) to play a pivotal role in Islamic finance in Senegal. Initially named Massraf Faical Al Islami Sénégal, the Bank focused on importing raw materials, particularly crude oil, from the Middle East. Over time, BIS gained expertise in trade financing and shifted its focus towards MSME lending. BIS is especially active in Murabaha financing, a Sharia-compliant product widely offered by Islamic banks globally. It offers MSMEs alternative financial tools aligned with Islamic principles, expected to drive inclusive growth, particularly in key sectors like agriculture and trade. The Bank is majority-owned by the IsDB (77.76% indirect and direct stake), including 26.70% through the Islamic Corporation for the Development of the Private Sector (ICD), the private arm of the IsDB and 17.80% through Tamweel Africa Holding which manages IsDB’s network of Islamic banks in the West African Economic and Monetary Union (WAEMU). Other shareholders include Société Générale d’Investissement (SGI) (16.22%), a company wholly owned by Mr. Stephane Amine, a French entrepreneur, Government of Senegal (GoS) (6.00%), and various minority shareholders.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Banque Islamique du Senegal
Mouhamadou Matar Diop
Head of Treasury and ALM
+221 33 849 62 62
contact@bis-bank.sn
Almadies Zone 12, niveau rond-point, face route King Fahd, Dakar-Sénégal
bis-bank.com

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The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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