Regulatory Alerts2018-03-21
Added · Updated
BCEAO Instruction 002-03-2018 on Particular Provisions for Credit Institutions Exercising Islamic Finance Activities
This instruction defines the conditions for credit institutions in the West African Economic and Monetary Union (UMOA) to exercise Islamic finance activities, classifying them into exclusive Islamic banks and conventional banks with dedicated Islamic branches. It mandates the establishment of internal Sharia compliance boards, outlines their composition and missions, and requires specific internal controls, audits, and risk management procedures for displaced commercial risk. The document specifies the documentation required for licensing exclusive Islamic banks or authorizing new Islamic branches, with existing institutions required to comply by June 30, 2018.
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