By Ndumbe Bell Joseph Gaston in Douala
The CCA Bank has been injected with a whooping FCFA 15 million euros from a subsidiary of the Islamic Development Bank, to reinforce its objectives of financial inclusion of small and medium size enterprises (SMEs). According to a readout, the financial stimulus is designed to benefit key economic segments of the nation in health, transport and agrifood which is meant to promote import substitution.
The stimulus package, we learnt, was authorised after the CCA request was taken seriously and an official accreditation made by COBAC which is the regulator of the Central African Barking Commission, cleared the way to transact or operate service brought by Islamic finance.
This brings to fruition another model of banking hinged on their ethics and seen to be aimed at contributing the same objectives of the national economy as traditional banking.Two new branches dedicated to Islamic finances are envisaged for Shell New Bell, Douala and Tsinga in Yaounde to uphold Islamic principles. The Islamic Corporation for Development and CCA bank have marked a turning point in their history to promoting financial stimulus to SMES.