Gov´t steps up campaign to valourise Islamic finance.

Holding under the theme: “Islamic Finance: Regulatory reforms, challenges and perspectives”, the Secretary General in the Ministry of Finance, Gilbert Didier Edoua, told reporters that the campaign and reforms were necessary if Cameroonians must be placed in a better position to take maximum advantage of the opportunities offered by Islamic Finance.

The SG was categoric that even the principal stakeholders in the state financing system – banks, insurance companies and financial regulators - do not know much about Islamic Finance to be able to take full advantage of the available offers. 

He said the government has done a lot to encourage these stakeholders to have a positive attitude towards Islamic Finance, but there is lack of enthusiasm for them to come on board, reason it has become absolutely necessary to embark on this sensitiszation campaign, so that not only citizens, but finance actors also come on board.

Edoua disclosed that there were presently about three or four banks in the country that are affiliated to the Islamic Finance system, and could offer such services to the public. However, he noted that virtually all banks in the country need to adhere to this system, so that they can get money to give out investment and development loans to their customers.

The SG also cited insurance companies as among financing stakeholders in the state system that are yet to adhere to Islamic Finance. Edoua stressed that Islamic Finance offers huge opportunities for growth, and lamented what he described as the general reluctance of Cameroonians and these important stakeholders to embrace Islamic Finance. 

He described the prevailing participation of a few banks as marginal, and does not justify the effort, logistics, and other investments the government has made to encourage actors and citizens to embrace Islamic Finance for their good.

The SG cited CBC, CCA and Afriland Firstbank, as the only banks operating in Cameroon that have adhered to Islamic Finance. He added that the Central African Banking Commission, COBAC, has also opened and Islamic Finance window, through which economic operators could take advantage of.

But Edoua expressed dismay, that despite these opportunities, very few microfinance institutions and insurance companies have taken advantage of opportunities offered. 

He announced that Islamic Finance offers profit sharing loans, as well as sale of bonds which ordinary citizens could exploit and get substantial investment capital.

The SG told reporters that the Ministry of Finance, MINFI, has since October 2024, created a working group, through which finance stakeholders could work with to get all they want to know about Islamic Finance. 

“Decision number 0000892/MINFI/SG/DGTCFM of 03 October, 2024, allows you to contact this committee for all your enquiries”, the SG said.

He called on all participants to make maximum contributions to the debates, so that this source of financing, for both public and private sectors, could be made optimum use of, to serve the purpose of overall national development. 

This article was first published in The Guardian Post Edition No:3662 of Wednesday December 31, 2025