Clifford Chance has advised IFC on first Islamic financing in Sub Saharan Africa

Clifford Chance advised the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, on a landmark Murabaha transaction with Banque Islamique du Sénégal (BIS) to expand access to finance for micro, small, and medium enterprises (MSMEs) in Senegal, including women-owned and women-led businesses.

Under this first Islamic financing in Sub-Saharan Africa, IFC is partnering with BIS to significantly increase MSME lending capacity. The programme aims to triple BIS’s MSME portfolio to approximately US$350 million over five years and support up to 7,000 jobs.

The cross-border 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).