"Clifford Chance Advises IFC on Landmark Islamic Financing to Boost MSME Growth in Senegal"

"Clifford Chance has advised the International Finance Corporation (IFC), part of the World Bank Group, on its first Islamic financing initiative in Sub-Saharan Africa. This landmark Murabaha transaction with Banque Islamique du Sénégal (BIS) aims to expand access to finance for micro, small, and medium enterprises (MSMEs) in Senegal, including women-led businesses. The program seeks to triple BIS's MSME portfolio to $350 million over five years and support up to 7,000 jobs."

Clifford Chance advised the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, on a landmark Islamic financing transaction, while Banque Islamique du Sénégal (BIS) was the other party involved in the transaction. The transaction involved a Murabaha agreement aimed at expanding access to finance for micro, small, and medium enterprises (MSMEs) in Senegal, including women-owned and women-led businesses. This marks the first Islamic financing in Sub-Saharan Africa, with the programme set to triple BIS’s MSME portfolio to approximately US$350 million over five years and support up to 7,000 jobs. The Clifford Chance team was led by Mustapha Mourahib (Partner, Casablanca) and Qudeer Latif (Partner, Dubai). The core team included Shauaib Mirza (Counsel, London), Ibrahim Hassan (Senior Associate, Dubai), and Othmane Anice (Associate, Casablanca).

"Clifford Chance Advises IFC on Landmark Islamic Financing to Boost MSME Growth in Senegal"

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