Question 1

What is Banque des Financements Islamiques (BFI)?

Accepted Answer

Banque des Financements Islamiques (BFI), also known as the Investment Financing Bank, is a fully Sharia-compliant Islamic bank operating in Mauritania. The bank serves large and medium-sized enterprises, small and medium enterprises (SMEs), professionals, institutions, associations, and individual customers.

BFI has rapidly established itself as a key player in the Mauritanian banking sector, offering competitive, flexible, and innovative financial products that strictly comply with Islamic finance principles. The bank is jointly owned by Wafa Holding Group (50%) and private shareholders (50%).

Question 2

When was Banque des Financements Islamiques (BFI) founded?

Accepted Answer

BFI was first established in 2012 through Decision No. 008/GR/2012 issued by the Central Bank of Mauritania. However, the bank became operational in 2017, when it began serving customers.

The bank was created to address the growing demand for Islamic banking services in Mauritania and to contribute to the development of the national economy through financing solutions compliant with Islamic finance principles.

Question 3

Where is Banque des Financements Islamiques (BFI) headquartered?

Accepted Answer

BFI is headquartered in Nouakchott, Mauritania's capital. In November 2024, the bank inaugurated its modern new headquarters located at 98 Îlot M, Avenue Cheikh Bouddah ould Bousseïry, in the commune of Tevragh Zeïna.

The new headquarters building was designed according to international standards for security, energy efficiency, and accessibility. It houses all strategic bank departments, including commercial, risk, compliance, IT, finance, and digital divisions, as well as a dedicated enterprise branch.

Question 4

Where does Banque des Financements Islamiques (BFI) operate?

Accepted Answer

BFI operates throughout Mauritania with a network of sixteen (16) branches across the country. This branch expansion strategy reflects the bank's commitment to proximity and accessibility to its diverse clientele.

The bank's geographic presence allows it to serve customers in major urban centers as well as regional areas, supporting local economic development and financial inclusion across Mauritania.

Question 5

What services does Banque des Financements Islamiques (BFI) offer?

Accepted Answer

BFI provides a comprehensive range of Sharia-compliant banking services for both individuals and businesses. The bank's service offerings include:

Islamic Financing Products: Murabaha (cost-plus financing for purchases), Ijara (leasing), Moudharaba (investment partnership with bank capital), Moucharaka (joint investment partnership), Istisna (manufacturing financing), and Salam (forward commodity contracts).

Corporate Banking: Current accounts, short-term and long-term financing solutions, bank guarantees and market sureties, trade finance services, and working capital financing tailored to business needs.

International Banking: Simple international transfers, documentary credits (CREDOC), documentary remittances for import and export operations, and foreign exchange services.

Retail Banking: Personal current accounts, savings products, and consumer financing solutions compliant with Islamic principles.

Digital Services: The bank is developing BFI Cash, a mobile banking application designed to enable rapid, secure transactions accessible throughout the country. The headquarters features 24/7 ATM services and digital banking infrastructure.

Question 6

What makes Banque des Financements Islamiques (BFI) unique?

Accepted Answer

BFI distinguishes itself as a fully Islamic bank committed to strict compliance with Sharia principles in all its products and services. Within just two years of operations, the bank established itself as a reference institution in Mauritania's banking sector.

The bank's modern approach combines traditional Islamic finance principles with contemporary technology. Its new headquarters incorporates advanced security systems including facial recognition, intelligent climate control, automatic fire prevention systems, and redundant electrical infrastructure.

BFI emphasizes its role in supporting national economic development by financing enterprises, public institutions, and individuals through innovative solutions aligned with international best practices. The bank's strategy focuses on proximity to customers, digital transformation, and financial inclusion.

Question 7

What type of financial institution is Banque des Financements Islamiques (BFI)?

Accepted Answer

BFI is a commercial Islamic bank (banque islamique) operating under the regulatory framework of the Central Bank of Mauritania. As a fully Sharia-compliant institution, all of the bank's operations, products, and services adhere to Islamic finance principles.

The bank functions as a universal Islamic bank, providing both retail and corporate banking services. It participates in the Mauritanian banking system alongside conventional banks while maintaining its distinctive Islamic finance model, which prohibits interest (riba) and emphasizes profit-sharing, asset-backed financing, and ethical investment principles.

Banque des Financements Islamiques (BFI)

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About Banque des Financements Islamiques (BFI) in Mauritania

Banque des Financ­ements Islamiques (BFI)