In Côte d'Ivoire, can you save, or finance a home or a business, without interest, within a legal framework? Yes: since 2018, the Central Bank of the West African States (BCEAO) has set a precise framework for Islamic finance in the eight countries of the UEMOA.
What the BCEAO says
Four instructions from 2018 govern the activity, for banks and for microfinance. The principle is simple: any banking operation may be carried out, provided it respects the principles and rules of Islamic finance (instruction 004-05-2018, article 2).
Each institution must have an internal Sharia compliance committee : no product is offered without its certificate (article 3).
Permitted contracts
- Murabaha : the bank buys the asset (car, equipment, house) and resells it to you with a known markup in advance. You become the owner immediately and pay in several installments. If you pay earlier, you cannot demand a discount; if the bank extends the payment schedule, it cannot increase the price.
- Ijara : the bank buys the asset and leases it to you, with or without a purchase option at the end.
- Istisna : financing for an asset to be manufactured or built.
- Salam : advance payment for a harvest or goods delivered later, useful for agriculture.
- Mudaraba : the bank provides the capital, you manage the project; the profits are shared according to a ratio fixed in advance, and the losses are borne by the bank if you committed neither fault nor negligence.
- Musharaka : the bank and you are partners in a project; profits shared according to an agreed ratio.
And savings?
The investment accounts are remunerated according to actual results: the BCEAO specifies that their remuneration cannot be guaranteed in advance, and can be positive or negative (appendix, article 14). That is the difference from a classic savings account: no fixed interest, but a sharing of the result.
Sukuk: the alternative to bonds
An sukuk is a certificate of ownership in a lawful asset or activity; the income comes from that asset (a rent, a profit), not from interest. The UEMOA regulation No. 10/2022, in force since 2023, governs these securities on the regional financial market.
Côte d'Ivoire was a pioneer: a first sukuk of 150 billion FCFA launched in 2015 over five years, nearly half of it subscribed from outside the Union, then a second one of 150 billion in 2016. In October 2016, the BRVM listed five sukuk from Côte d'Ivoire, Senegal and Togo, for 766 billion FCFA : it became the first African venue for sukuk.
Where do things stand?
According to the BCEAO's 2025 annual report, the Union has 21 approved Islamic finance institutions, compared with two in 2018, banks and microfinance institutions combined.
In Côte d'Ivoire, the official BCEAO list as of 31 December 2025 counts 29 approved banks; none of them is a fully Islamic bank. In the Union, the two fully Islamic banks are the Islamic Bank of Senegal and the Islamic Bank of Niger. The Ivorian offer therefore goes through Islamic windows within conventional banks, and through Islamic microfinance, available in Côte d'Ivoire. The BCEAO list does not distinguish them: ask your bank directly.
This is the route recommended by the IMF from 2014 for sub-Saharan Africa: start with Islamic windows in existing banks and with sukuk, then adapt supervision to accommodate fully Islamic banks. The World Bank and the Islamic Development Bank see Islamic finance as a lever against poverty and for financial inclusion (global report of 2016).
Before opening an account, check that the institution is licensed on the official list of the BCEAO, and ask to see the certificate from its Shariah Compliance Board for the product offered. To find out whether a product suits your situation, speak with your imam.