Islamic finance in Senegal: Constraints and Development Prospects

In Senegal, for more than three decades, Islamic finance has been implemented. Through its bank institutions, specially the Islamic Development Bank (IDB) and the Islamic Bank of Senegal (IBS), such a finance has kept on gaining ground and sustaining the country's economic growth. This is witnessed by the recent issuance of Sukuk (Islamic bonds) over 2016-2026 estimated at CFA 200 billion, and the numerous IBS banking subsidiaries relocated throughout the Senegalese territory. But what is Islamic finance? What are its ruling principles? Where does derive its legitimacy? What are its challenges in Senegal? How does it manage to adapt to the Senegalese banking and financial classical systems? What lies ahead for Islamic finance in Senegal?