Banque Islamique du Senegal Risk Management AS (IFC-610054)

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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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."
Voting Date
Sep 24, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Banque Islamique du Senegal (BIS)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.20 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.
Project Cost (USD)
$ 0.20 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 23, 2025

Disclosed by Bank Oct 6, 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 objective of this project is to support Banque Islamique du Senegal (BIS) to be able to strengthen its credit and risk management system in accordance with regulatory requirements and international best practices.

The project aims to prepare Banque Islamique du Senegal (BIS) to be able to strengthen its credit and risk management framework and support the implementation of a holistic risk management framework, that will enable the bank to continue its expansion sustainably and increase access to financial services for critical sectors of the Senegalese economy.

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

Estimated Total Budget: $200,000.00 (Project budget includes all project-funded activities)

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Banque Islamique du Senegal Client -

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.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

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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