When it comes to Islamic finance, Mali is still lagging behind. In an interview with Mali Actu, Modibo Mao Makalou, economist, MBA/Finance Internationale recommends that, for its development, the country adapt its financial, legal and regulatory tools.

The global Islamic finance market recently crossed the $2 trillion mark in assets and could reach around $3500 billion in 2021 according to the World Bank. According to Modibo Mao Makalou, justice, equity and transparency are the main values held by this financial system. “The particularity of the financing of Islamic financial institutions in relation to the needs of very small enterprises (VSEs) and small and medium-sized enterprises (SMEs) lies essentially in three aspects: they promote participation; they forge a partnership that requires both parties to jointly take risks by sharing losses and profits; and they use alternative financing methods that are very little known to conventional commercial banks. ;” he said. According to him, Islamic banking provides the same services as conventional banks. It is an intermediary between capital holders and borrowers. It engages in the collection of deposits and in other various other operations, while complying with Islamic law.