Traore, Moussa and Redzuan, Nur Harena
(2021)
An Exploratory Study on the Opportunities and Challenges Towards the Establishment of Islamic Banking in Mali.
In:
Pembinaan Tamadun Melalui Industri Patuh Syariah. Vol. 1: Ekonomi, Kewangan dan Pengurusan Patuh Syariah.
Kolej Professional Baitulmal Kuala Lumpur, Kuala Lumpur, pp. 164-195.
Abstract
In recent years, with the support of joint ventures involving Islamic development Bank and investors from the Gulf states, there have been growing interests toward Islamic banking in countries in West Africa such as Mali, Benin, Côte divorce, Senegal. As Islamic banks are new in these countries, specifically, in Mali, the industry faces both crucial challenges and significant opportunities as it continues to grow and prospect. The issues include, for example, a uniform regulatory and legal framework, low penetration of Islamic banking services, and human capital. Hence, the primary objective of this study is to explore the main opportunities and challenges facing Islamic banks in Mali. This study adopts qualitative research using secondary and primary data, which involved open-ended-based interviews with senior staff of Islamic financial intuitions in Mali. To analyze respondent data, the researcher uses a comparative approach to identify and determine the similarities and differences in the respondent data. Also, data reduction, data integration, and data display steps are used. The research findings show that there are significant opportunities for an Islamic bank in Mali. The opportunities emerge from the immense Muslim population, the need for financial inclusion, and the economic potential of the country. The research also finds that Islamic banks in Mali face various challenges which include, both legal and shariah issues, human resources, pollical and security issues, liquidity issues, and product innovation. The authorities and community members should work closely to overcome the challenges and provide a conducive environment for Islamic banks to operate sufficiently. The result of this study would be helpful for policymakers and researchers to improve and address the issues and challenges facing Islamic banks in Mali. Further research can be undertaken to examine detailed issues addressed using different research methods.
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