The Islamic Corporation for the Development of the Private Sector just awarded Coris Bank International (CBI) in Burkina Faso a €17 million loan to develop its Islamic banking products offer.

Coris Bank opened in April 2015 an Islamic division named “Coris Baraka” with the support of the Islamic Development Bank (IDB) in order to provide companies and individuals Shariah-compliant banking products.

Already present in Cote d’Ivoire, Mali and Togo, Coris Bank recently revealed that it plans to expand to Senegal and Benin, by the end of 2016, as part of its strategic development plan which aims for its establishment in all WAEMU countries, by 2020.

Coris Bank’s shareholders include the National Posts Company of Burkina Faso (SONAPOST), Burkina’s Insurance Union (UAB-Vie), the National Social Security Fund (CNSS, BF), and the West African Development Bank (BOAD).