Banque Islamique du Senegal

What Banque Islamique du Senegal does

Banque Islamique du Senegal (BIS), founded in 1982/1983 and headquartered in Dakar, is the only fully Sharia-compliant bank in Senegal. It serves individual retail customers, SMEs, large corporates, diaspora communities, and Hajj pilgrims through a network of approximately 50 branches and agencies across Senegal plus one international branch in Bamako, Mali. The bank operates under a formally constituted Internal Sharia Compliance Council (Conseil de Conformité Interne) whose scholars certify the Islamic-law conformity of all products and contracts.

Its product architecture spans the full Islamic finance toolkit: deposit products (Compte Courant Islamique structured as Qard Hassan, Investis via Mudaraba, Placeco via Wakala, Goungué children's education savings, Hajj pilgrimage plans, Tawfekh Retraite retirement savings); consumer and corporate financing (Noflay, Imobis, Fin auto, Makaane housing savings, Salam agricultural forward financing, Ijara lease-to-own, Murabaha cost-plus, interest-free Qard Hassan financing, Sukuk Islamic securities); packaged account tiers from Silver/Xeweul to Platinum with associated Visa/GIM-UEMOA card products and Tamweel Cash prepaid cards; and digital channels including the Tamweel Touch mobile app, BIS Connect e-banking portal, WhatsApp Banking, and SMS alerts. Pricing is denominated in FCFA on annual subscription account tiers ranging from 4,000 FCFA to 18,500 FCFA.

BIS's business model generates revenue primarily through transaction fees and profit margins on Islamic financing instruments (Murabaha, Ijara, Salam, Tawarruq, Istisna), trade finance fees, Hajj and savings account management fees, and FX/transfer margins on diaspora remittances. The go-to-market combines a dense direct branch advisory network for account opening and complex financing, self-service digital channels for routine transactions, and dedicated diaspora outreach programs. Recent strategic capital partnerships — $40 million Islamic financing from the IFC (October 2025) and €20 million from ITFC (February 2026) — are explicitly earmarked to triple the SME portfolio to approximately $350 million over five years and to scale trade finance capacity, signaling a deliberate pivot toward asset growth and SME market share expansion.

Name

Banque Islamique du Senegal

Legal name

Banque Islamique du Sénégal

Website

https://bis-bank.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

251–500 employees

Short description

Banque Islamique du Senegal (BIS) is the only fully Sharia-compliant bank in Senegal, founded in 1982/1983 and headquartered in Dakar. It serves retail customers, SMEs, corporates, diaspora communities, and Hajj pilgrims through ~50 branches across Senegal and one in Bamako, Mali.

Ownership category

akta.pro rank

Product category

Islamic Retail Banking

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Islamic banking services
• Sharia-compliant financing
• Trade finance solutions
• Diaspora remittance services
• SME financing products

Headquarters

HQ city

Dakar

HQ country

Senegal

HQ region

Africa

Offices20 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Islamic Financing Products: Revenue generated from Sharia-compliant financing instruments including Murabaha (cost-plus financing) and Ijara (leasing), where the bank earns profit margins rather than interest.
2. Trade Finance Operations: Facilitation of international trade transactions for corporate and SME clients, generating fees and profit-sharing arrangements.
3. Hajj Savings Plans: Dedicated savings products for Hajj pilgrimage financing, generating recurring deposits and associated service fees.
4. Current and Savings Accounts: Fee-based current accounts (comptes courants) and savings accounts structured under Islamic finance principles, generating account management and transaction fees.
5. Remittance Services: International money transfer services, particularly serving diaspora communities, generating transfer fees and foreign exchange margins.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Banque Islamique du Senegal operates Senegal's only fully Sharia-compliant bank, offering deposit accounts (Compte Courant Islamique, Investis Mudaraba, Placeco Wakala), consumer and corporate financing under Islamic contracts (Murabaha, Ijara, Tawarruq, Salam, Istisna, Sukuk), Hajj and education savings plans, trade finance, diaspora remittance services, payment cards (Visa, GIM-UEMOA), and digital banking via the Tamweel Touch app and BIS Connect e-banking platform.

Product overview

Banque Islamique du Senegal operates as a full-service Islamic bank offering a comprehensive suite of Sharia-compliant financial products and services. The bank provides deposit accounts (Compte Courant Islamique, Investis, Placeco, Goungué, Hajj, Tawfekh Retraite), consumer and business financing (Noflay, Imobis, Fin auto, Salam, Ijara, Murabaha, Sukuk), packaged account tiers (Platinum, Gold, Classic+, Classic, Silver, Xeweul, Access for individuals; Business PME and PRO for enterprises; Diaspora Salariés and Non-Salariés), digital banking channels (BIS Connect, Tamweel Touch, SMS-Banking, WhatsApp Banking), payment cards (Visa, GIM-UEMOA, Tamweel Cash prepaid), trade finance services, and cash management solutions. The architecture integrates Islamic finance principles across all offerings, with financing products primarily structured as Murabaha, Ijara, Tawarruq, Istisna, Salam, and Wakala contracts, managed through a network of approximately 50 branches nationwide.

Differentiator

Problem solved

Functional benefit

Brands

• IMOBIS: Islamic financing product for real estate/property acquisition under Tawarruq, Istisna, or Mourabaha structures.
• Tamweel Touch
• BIS Connect
• Goungué

Products and services

• Compte Courant Islamique
• Investis
• Placeco
• Goungué
• Hajj
• Tawfekh Retraite
• Noflay
• Imobis
• Fin auto
• Makaane
• Salam
• Ijara Financement
• Financement 0%
• Murabaha Entreprises
• Ijara Entreprises
• Sukuk
• Financement Immobilier Diaspora
• Trade Finance
• Tamweel Cash
• Carte GIM-UEMOA
• BIS Connect (E-banking)
• Tamweel Touch
• SMS-Banking
• WhatsApp Banking

Quantifiable outcome

• 27 billion FCFA disbursed for agricultural financing, supporting food security and agricultural sector growth in Senegal
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• SICAP SA (Société Immobilière du Cap des Biches)minorStrategic or Co-development PartnerPartnership with SICAP SA, Senegal's public social housing operator, to finance and co-develop 400 social housing units, integrating Islamic financing structures with affordable housing development.
• SN HLM (Société Nationale des Habitations à Loyer Modéré)minorStrategic or Co-development PartnerPartnership with SN HLM, Senegal's national low-cost housing authority, to support social housing development through Islamic finance mechanisms, complementing the SICAP SA partnership.

Scale indicators6 records

Recent moves17 records

Expansion highlights6 records

Direct peers

• Jaiz Bank Plc: Jaiz Bank is Nigeria's first fully-Sharia-compliant bank, offering non-interest retail, SME, and corporate banking products structured on Murabaha, Ijara, and Mudaraba — the closest peer to BIS in West Africa and most directly comparable on Islamic product architecture and regulatory positioning.
• BSIC (Banque Sahélo-Saharienne pour l'Investissement et le Commerce): BSIC is a pan-West African Islamic banking group operating across multiple UEMOA and CEMAC countries with the same Sharia-compliant retail, SME, and corporate banking model BIS uses, directly comparable in product structure (Murabaha, Ijara) and target market.

Broad incumbents

• Al Rajhi Banking Group: Al Rajhi is the world's largest Islamic banking group by assets, offering a full suite of Sharia-compliant retail, corporate, and investment products (Murabaha, Ijara, Tawarruq), serving as the benchmark for Islamic banking scale and product breadth BIS aspires to emulate.
• Qatar Islamic Bank (QIB): QIB is the largest Islamic bank in Qatar and a leading global Islamic banking player offering retail, SME, corporate, and treasury products under Sharia principles, with comparable Sharia governance structures and product taxonomy (Murabaha, Ijara, Mudaraba).
• Coris Bank International: Coris Bank International is a leading West African commercial banking group headquartered in Ouagadougou with a pan-UEMOA footprint and selected Islamic finance offerings, comparable to BIS as a regional commercial competitor in the same geography and customer segments.
• Banque Populaire du Maroc: Banque Populaire du Maroc operates a dedicated Islamic banking subsidiary (Chaabi Islamic) alongside its conventional operations, providing a useful comparator on how a North African incumbent expands Sharia-compliant offerings in a market similar in religious demographics to Senegal.
• Kuwait Finance House (KFH): KFH is a leading global Islamic banking incumbent offering retail, corporate, treasury, and investment banking products fully compliant with Sharia, directly comparable in product architecture (Murabaha, Ijara, Wakala, Sukuk issuance) and representing the global scale benchmark BIS's model is built upon.

Others

• Tamweel Africa Holding: Tamweel Africa Holding is a shareholder of BIS (board representation via Boubacar Correa) and a Tunisia-based Islamic finance holding vehicle focused on North and West African Islamic banking investments, providing strategic capital and Sharia-compliant governance expertise directly relevant to BIS's shareholder base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Banque Islamique du Senegal