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Career path: Could you tell us about your career path and explain what led you to focus on Islamic microfinance as a vector for economic development in Guinea?
I am Daniel Benbo, currently a development manager at Crédit Rural de Guinée. My career began in the tourism sector in Côte d’Ivoire, where I managed a travel agency and a hotel. My focus on microfinance began at the renowned COOPEC d’Abobo. After the 2010 Ivorian crisis, I continued my career in Guinea, first in finance and insurance, and then in microfinance development. Today, my experience allows me to actively contribute to making Islamic finance a concrete lever for economic development for the country.
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Company Differentiation: How does Marque SARLU’s approach to Islamic microfinance differ from that of conventional microcredit institutions in the country? What specific products or methodologies do you use (e.g., Murabaha, Musharaka, Qard-al-Hasan)?
When I worked at the Abobo COOPEC, I discovered financial products that, without being explicitly designated as such, already incorporated the logic of Islamic finance. It was at Crédit Rural de Guinée that I fully appreciated the scope of this model. Islamic finance stands out for its adaptability to local realities and its philosophy: it emphasizes solidarity, transparency, and risk sharing. Where conventional institutions often impose rigid and costly mechanisms, Islamic finance offers instruments such as Murabaha (margin sales), Musharakah (partnership), or Qard al-Hasan (interest-free loans). These methodologies allow young people, women, and entrepreneurs to launch or expand their businesses in a protective and humane environment. It embodies a balanced finance that is both an economic driver and a social response to a growing demand for inclusion.
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Market Reaction: How have the Guinean population, particularly microentrepreneurs and low-income households, responded to Sharia- compliant financing options? Are you seeing demand from both Muslim and non-Muslim communities?
Guinea is a land of resilience, where the population has learned to bounce back in the face of adversity and seek financial solutions adapted to their realities. In the past, some attempts to implement Islamic finance have failed, often due to a lack of training and clear communication with communities. But one thing remains undeniable: the need is very real. With over 80% Muslims, Guinea is a naturally receptive environment for this model. Many households and microentrepreneurs had voluntarily excluded themselves from the conventional financial system, which they deemed inconsistent with their values. Islamic finance now offers them a credible and reassuring alternative. And what’s even more interesting is that non-Muslims are also interested in it, attracted by its humane, supportive, and protective approach, which transcends religious divides to meet a universal need for equitable financing.
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Main challenges: What are the main operational and perception challenges you face in promoting and implementing Islamic microfinance in Guinea?
One of the biggest operational challenges is communication. This is the weak link in popularizing Islamic finance. We certainly have many Quranic schools across the country, many people who also practice this finance informally, particularly among traders. But formalization remains a challenge, and even those actors who practice informally do so without obeying the rules, either out of ignorance or intimidation of gain, which gives a bad impression to the population and sometimes tarnishes the reputation of the model. Well-targeted communication and the intrusion of Islamic finance into university programs, which will lead to the training of professionals capable of providing a new direction, will make it possible to tame a widely open market ready to keep pace.
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Regulatory Environment: To what extent do current regulatory frameworks in Guinea and the wider WAEMU region support the growth of Islamic microfinance? What regulatory changes would you like to see to facilitate its expansion?
The current regulatory framework in Guinea and the WAEMU zone represents both an opportunity and a limitation. An opportunity, because there is already a solid foundation for microfinance supervision, which ensures a certain stability for the sector. A limitation, because these texts remain designed for conventional finance and do not yet fully integrate the specific nature of Islamic mechanisms. For Islamic microfinance to truly flourish, it is urgent to go further: legally recognize Islamic contracts, adapt tax and accounting standards, and, above all, train regulators and practitioners. Only by doing this can we build an environment where Islamic finance is not only tolerated, but valued as a strategic lever for economic development.
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Role in Financial Inclusion: In your opinion, what unique advantages does Islamic microfinance offer to promote greater financial inclusion in West Africa, particularly for women, youth, and agricultural workers?
Islamic finance is based on principles of solidarity, risk sharing, and social justice. Unlike conventional models, which are often perceived as rigid and driven solely by profit, it promotes a more humane and protective approach. In West Africa, and particularly in Guinea, this represents a major opportunity for three key groups:
1. Women, who are traditionally excluded or limited in their access to credit, find in products such as Qard al-Hasan or Murabaha a way to finance their small businesses without fear of unsustainable financial pressure. Young people, often full of initiative but held back by the lack of guarantees, can benefit from mechanisms such as Musharaka , which encourages entrepreneurship by sharing risks and promoting innovation. 2. Agricultural workers, whose income is seasonal and vulnerable to climatic hazards, benefit from adapted solutions that are not based on fixed interest but on profit and loss sharing, making financing more accessible and more resilient. In this sense, Islamic finance acts as a true tool for financial inclusion. It not only meets the needs of Muslim populations concerned about religious conformity, but also attracts non-Muslims thanks to its equitable and solidarity-based dimension. It represents a credible and sustainable alternative for integrating those excluded from the traditional financial system and offering them a path to economic autonomy. -
Advice to stakeholders: What practical advice would you give to policymakers, development institutions and conventional microfinance organizations that wish to integrate or support Islamic microfinance models?
We believe that Islamic finance is not a matter of Sharia law, prayer, or religion. While it is certainly based on the principles of Sharia law, it is above all a fully- fledged economic discipline that is integrated into all sectors of the economy. It is a major development tool, applicable to various fields. With Islamic finance, it is even possible to raise funds to support governments in implementing structuring projects that meet the needs of populations. It can also support major projects and support business growth. It is therefore important for institutions and businesses to turn to professionals capable of integrating the opportunities offered by this model into their value chain. These experts will be able to offer products adapted to needs and activities, while training staff to better prepare for the management of Islamic finance. In this way, the stakeholders involved will be able to position themselves for a promising future, marked by rapid and sustainable expansion that would be risky to ignore.
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Final Message: What is your main message or vision for the global Islamic financial community regarding the potential of Islamic microfinance to transform the lives of local populations in Africa?
My message is simple: Islamic finance is much more than a financial instrument; it is a force for social and economic transformation. In Africa, where a large part of the population remains excluded from the traditional banking system, it provides a tailored, equitable, and profoundly humane response. Islamic finance can restore confidence in local populations, particularly women, youth, and small producers, by offering them not just credit, but an opportunity for dignity, growth, and active participation in the economy.
To the global Islamic finance community, I would say that Africa is ready, the need is real, and the potential impact is immense. By supporting the development of Islamic finance on the continent, you are not only contributing to financial inclusion but also to building a fairer, more inclusive, and more sustainable economy. This is an opportunity to establish Islamic finance as a pillar of global development, serving people above all else.