The secretary of the National Islamic finance reveals in this interview Abidjan.net how Islamic financial institutions manage to make profits while prohibiting activities based on interest.


The allocation of benefits is it defined by the Koran?


No. It is not defined by the Koran. It is simply a contract. When a person comes to see an Islamic bank, there is an agreement that is signed. This agreement defines the outset the amount to which each party. Do not forget that this is not at any time that the company makes a profit. In case of loss, they are also supported at the height of each shareholding.

It is therefore a risky investment ... Indeed. Islamic banks are a financial risk. They agree to lose unlike

other banks. However, we take every precaution not to happen.


What are these precautions?


We assist our partners in the management of its business contrary to conventional banks that do not care about the use of loans they make to their partners. This is not coercion that we do.

We do not interfere or influence or not the management companies. But we're coaching. We give the most advice to our partners so that the business is. It is in everyone's interest.


Profits generated by the musharaka they sufficient to meet your expenses?


If the fundamentals of management are followed, Islamic banks make more profits than traditional banks. Islamic banks can, in fact, have almost 50% profit margins instead of 18% interest rate. It is more profitable.


Can we say in this case that Islamic financial institutions are credible?


Yes. Moreover, thanks to the global financial crisis, it was found that Islamic banks were not directly affected because they do not work with interest. They are not speculation. They invest not in known risk areas. These are areas such as trade in alcohol, drugs or pork which are illegal under Islamic law. We do not fund such projects.


Does this mean that non-Muslims may not have access to Islamic finance?


Not at all. Côte d'Ivoire is now receiving loans from the Islamic Development Bank (IDB). Islamic financial institutions are open to all, beyond religious differences. A Christian, a Jew or any other person may qualify for loans. As proof, in our structure is in phase constitution, we non-Muslims. We are providing them loans provided they adhere to the statutes and regulations. In the contract we sign, we let them know that we can not fund, for example, a farm pork or liquor.


What means has a structure like yours to control the use of loans?


It is here that the Islamic finance differs from the others. We operate both inside and outside companies that we fund. Rawda Finance has a study, and expertise that goes on the ground for that. He goes to meet our partners. It follows their management and their statements. This allows us to have a say on what is done with our money.


Islamic finance can it be a solution to the recession that has shaken the world in 2008?


In light of the information we have on the global financial crisis, we can say today that Islamic finance is the inevitable solution to the global financial crisis. Since the financial crisis of 1929 until that of 2008, financial institutions have always offered the same solutions that produce the same consequences.

With Islamic finance could offer viable solutions. Tony Blair, former British Prime Minister, was called for last year that Great Britain is the hub of Islamic finance. And this country is in the process of becoming. They are currently setting up academic institutions to train experts in Islamic finance. This is not accidental. It is an organized state. The United States and France after the even if it is a bit hesitant.


Is this the case in Côte d'Ivoire?


The current authorities are now more favorable to the implementation of Islamic finance. The Bid has begun to take root in Côte d'Ivoire in releasing funds for a major restructuring of the northern motorway.