According to the Minister of Economy, Planning and Cooperation, Abdourahmane Sarr, this approach is more than a simple financial solution: it embodies a strategic vision to build a modern, competitive and united Senegal by 2050..
In a global context where conventional economic models show their limits in the face of global challenges, the Senegalese Minister of Economy, Planning and Cooperation, Abdourahmane Sarr, highlighted the potential of Islamic finance during the retreat strategy of the governors of the Islamic Development Bank (IDB), held in Medina (Saudi Arabia) on January 12, 2025.
For him, this approach offers solutions adapted to the economic challenges of the country of Teranga, in perfect harmony with the ambitions of the Senegal 2050 vision.
Islamic finance, through its innovative and supportive nature, is seen as a strategic lever capable of supporting the transformation of Senegal into an emerging, diversified and resilient economy.
This financial approach is based on principles of social justice, partnership and shared responsibility, and is fully in line with the long-term objectives of the Senegal 2050 vision, which aims to position the country among the most competitive economies in the world. Africa.
One of the main challenges for Senegal, like many other African countries, lies in the saturation of sovereign balance sheets and dependence on external financing. Islamic finance, with its innovative instruments such as sukuk (Islamic bonds) and its structured asset financing mechanisms, offers an effective alternative for raising local funds, while reducing pressure on public finances.
Abdourahmane Sarr stressed that Islamic finance, “ by favoring public-private partnership and relying on financial instruments that meet the financing needs of infrastructure, businesses and social projects, is particularly well suited to meeting the challenges of Senegal in the context of its economic transformation. »
By integrating Islamic solidarity and the principles of ethical governance, Islamic finance makes it possible to structure projects in a competitive manner, while guaranteeing social and economic profitability.
Islamic finance at the service of SMEs and urbanization
Another area where Islamic finance plays a crucial role is that of financing SMEs, which constitute the backbone of the Senegalese economy.
SMEs, often facing difficulties accessing conventional credit, can benefit from Islamic financial products, which promote access to financing based on principles of risk sharing, direct investments and asset-based financing.
In addition, with the increasing urbanization of Senegal, the needs for urban infrastructure are constantly increasing. Sukuk and other financing instruments, “ allow these infrastructure projects to be financed without excessive recourse to foreign financing », said Mr. Sarr.
These instruments are in line with the ambition of the Senegal 2050 vision, which provides for the creation of modern, sustainable and well-connected cities, while preserving the financial autonomy of the country.
Minister Sarr stressed that Islamic finance also offers an inclusive and sustainable financing model, which meets the principles of the Senegal 2050 vision.
« By relying on socially responsible financing mechanisms, Islamic finance embodies the values of solidarity and economic justice, guaranteeing equitable distribution of resources and supporting projects that promote the inclusion of the most vulnerable populations. “, he added.
Islamic finance, combined with transparent resource management and rigorous governance, is seen as a key driver of the systemic transformation promoted by the Senegal 2050 vision. This is based on a diversified economy, focused on innovation, entrepreneurship and sustainability.
In this context, Islamic finance becomes not only a lever for financing infrastructure, but also a driver for strengthening the competitiveness of Senegalese industry, stimulating exports and promoting job creation.
ARD/te/APA
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