The  Advent of Islamic microfinance in Senegal

Massamba Souleymane SECK; Abdoulaye BIAYE

doi:10.31686/ijier.vol7.iss3.1371

Authors

Massamba Souleymane SECK

The University of THIES

Author

https://orcid.org/0000-0001-8779-4840
Abdoulaye BIAYE

Ministry of Solidarity Economy and Microfinance / Senegal

Author

DOI:

https://doi.org/10.31686/ijier.vol7.iss3.1371

Keywords:

Classical microfinance, Islamic microfinance, vulnerable micro entrepreneurs

Abstract

In Senegal, as elsewhere in the WAEMU zone, access to credit for vulnerable micro entrepreneurs is a major concern despite the important role of traditional microfinance institutions. To effectively solve this problem, Islamic microfinance has been identified as an alternative offer, alongside conventional finance in order to give access to bank accounts to those underprivileged people that have not been sufficiently served by financial institutions. Thus, this article aims to study the advent of Islamic microfinance in Senegal. To do this, our research focuses on the history and role of the State of Senegal in the promotion of Islamic microfinance to finally present the characteristics of this new funding model for vulnerable populations often excluded from the traditional financial system.

Author Biographies

Massamba Souleymane SECK, The University of THIES

PhD student in Economics and Social Sciences
Doctoral School of Sustainable Development and Society (ED2DS)
Abdoulaye BIAYE, Ministry of Solidarity Economy and Microfinance / Senegal

Economist, Specialist in Value Chains in the Program of Development of Islamic Microfinance in Senegal (PROMISE).

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