Member countries of the West African Monetary Union (WAMU) will soon have an Islamic capital market. The Regulatory Framework will be the work of FSD Africa, in partnership with the Regional Council for Public Savings and Markets.
Félicienne HOUESSOU
The establishment of a regulatory framework dedicated to the Islamic capital market in WAMU will serve to support growth in the region and increase funding for EU economies. This project concocted by FSD Africa and CREPMEF will first consist of carrying out an evaluation whose conclusions will support the proposals adapted to the WaMU Islamic capital market. According to a statement issued in this context, this evaluation will give rise to a report proposing a device that complies with the standards of Sharia and the principles of the Islamic Financial Services Board (IFSB).
The initial contribution of FSD Africa will be to develop a roadmap, for the promotion of the regulatory framework and the organization of training workshops aimed at developing and strengthening the capacities of ecosystem actors. Then, it will help crepmf to identify the relevant laws to be adopted, to implement an Islamic capital market. The local context will be carefully examined for each EU Member State, and relevant stakeholders will be invited to comment on the draft regulations.
This new mission of the FSD Africa agency is part of its ongoing program to strengthen African financial markets. The programme focuses on the development of financial market master plans, institutional capacity assessments and the development of sustainable financing capacities, such as green bonds, to help markets adapt to their operating climate.