By Nformi Sonde Kinsai
The Secretary-General of the Ministry of Finance (MINFI), Gilbert Didier Edoa, has stated that Islamic finance represents a significant opportunity for development and growth, not only for banks, insurers, and investors, but for the national economy as a whole.
He was speaking in Yaoundé on 22 December 2025 during the official launch of a public outreach campaign on Islamic Finance, under the theme: “Islamic Finance Reform Regulation: Challenges and Perspectives.”
Addressing an audience that included representatives from the Bank of Central African States (BEAC), the International Conference on Insurance Supervision (CIMA), the Directorate General of Taxation, and the Central African Banking Commission (COBAC), Edoa said the primary objective is to revitalize Islamic finance in Cameroon.
He stated that MINFI, as the Monetary Authority, is pursuing its mission of educating and raising awareness about Islamic finance through this campaign, with stakeholders as key actors. This effort aligns with the core objectives of the Ministerial Working Group established in October 2024, whose contributions are essential for clarifying the challenges facing Islamic finance within the country’s financial ecosystem.
Edoa noted that since the adoption of the regulation governing Islamic finance by the Ministerial Committee of the Central African Monetary Union in October 2022, adherence within Cameroon has remained weak. Only three banks; CBC, CCA, and Afriland First Bank, have requested and obtained prior accreditation from COBAC to open Islamic banking windows.
“Very little evolution has been observed in microfinance establishments and the Islamic insurance sector,” Edoa disclosed. “The challenges remain numerous, notably concerning public education on Islamic finance, difficulties in interpreting the related texts, and the unavoidable question of Sharia compliance. It is, thus, necessary to intensify training efforts to accelerate the revitalization of this alternative financing mode.”
The campaign aims to disseminate the ethical principles and regulations of Islamic finance, present its social finance instruments, and inform actors about the various controls stipulated by the regulations. Discussions at the event also sought to deepen reflection on the practical difficulties of implementing Islamic finance rules within Cameroon and the wider CEMAC zone.
“This platform is an exploratory framework for formulating concrete proposals to dynamise Islamic finance and strengthen dialogue on key issues between the Monetary Authority, BEAC, COBAC, CIMA, financial institutions, and the public,” Edoa stressed.
He emphasized that Islamic finance offers substantial opportunities for growth and development as an alternative way of financing the economy, operating under rules distinct from conventional methods.
“MINFI deemed it important for actors to meet and discuss, enabling all stakeholders to understand and benefit from this opportunity,” he said.
While acknowledging that a few specialised institutions exist and three banks are accredited, Edoa concluded that Islamic finance remains marginal in the current landscape.
“We are acting to promote financial inclusion. At this level, we are raising awareness because the opportunity is there, the mechanism is available, and the tools are in place — offering many business opportunities such as loans, profit-sharing, and sukuk [Islamic bonds],” Edoa told reporters, while standing in for the Minister of Finance, Louis Paul Motazé.