(Ecofin Agency) - Raouda Finance, an Ivorian microfinance institution specialized in Islamic financial services, launched a mutual fund named "Al Baraka", which is constituted of securities, debt obligations and liquidities hold by, in which investors hold shares.

While presenting the product, Mamina Dosso, one of the institution’s managers, indicated that it is one of the first mutual funds within WAEMU that complies with the rules of the Islamic finance. For the time being, there is not much information about the capital of this fund or the number of its partners.

During the launch, Siaka Fanny, advisor to Côte d’Ivoire’s minister of finance, announced that the government would continue with the implementation of Islamic finance in the country.

Let’s note that in 2015, the country issued its first Islamic bond (Sukuk) amounting to XOF150 billion. A year later, it issued the second Sukuk.

Chamberline Moko