Starting in March 2021, the Central Bank of Comoros (BCC) is launching a new Islamic financing mechanism that the client can benefit from on the basis of a project and access to credit from the bank. The project, which appears to be in line with the financing needs of the moment, was presented to the heads of banks and financial institutions as well as to representatives of the University of Comoros during a workshop led by international experts sent by the Bank Islamic.
This new mechanism for the BBC to accompany the client in the realization of his project is called Islamic finance. According to Younoussa Ben Imani, the BBC governor who invited the press on Thursday 14 January 2021, this new project will “make it easier for many citizens to access financing from the bank” because, he continues, “Islamic financing differs from traditional banks. That is why we have called on international experts to look at ways and means of implementing this new system. ‘
In this new system, the bank and the client will be partners, the client presents a solid project and the bank provides the financing. The benefits obtained will be shared between the client and the financial institution, in the same way as in case of loss, no refund is expected from the client. This is why the BBC governor says that thanks to these Islamic finances “the client will not make any credit but will be financed on the basis of a project. The bank does not give the money but accompanies the project. The client and the bank will then share the profits and losses. ‘
This method of financing, which is found in most Muslim countries, is in accordance with Islamic legislation called Shari’a. It makes it possible to avoid at all costs the wear and tear considered dangerous in the Muslim religion. However, the head of the BBC wanted to point out that “shareholders and beneficiaries are not necessarily Muslims. It is only the financing system that remains Islamic.’