Access to finance remains one of the most pressing challenges for Muslim communities worldwide, as conventional banking systems often clash with religious principles. In many regions, including the North West of Cameroon, a good portion of the population remains excluded from formal financial systems because traditional banking practices involve interest, which is prohibited under Sharia law. This exclusion not only hinders individual growth but also slows down community-wide development.
In response, Azire Cooperative Credit Union Limited (AziCCUL), with over 57 years of service and 200,000 members across 16 branches, has introduced Islamic Services into its operations. The initiative was launched in Bamenda, under the patronage of North West Governor Lele L’Afrique Tchoffo Deben .
Islamic banking, rooted in Sharia principles, prohibits interest (riba) and speculative or unethical investments such as gambling and alcohol. Instead, it promotes profit-sharing, leasing, and trade partnerships, ensuring that financial practices remain transparent and ethical. A Sharia Supervisory Committee, comprising scholars and experts, will oversee the new service to guarantee compliance.
According to Anye Walters Awah, General Manager of AziCCUL, the innovation is a direct response to the financial realities of the Muslim population:
“The Muslim community, despite its substantial resources, often refrains from using banks due to non-compliance with Sharia principles. We aimed to create services that align with their values, allowing them to engage fully with AziCCUL.” he noted
A dedicated department, staffed by trained Muslim employees, will manage the services, ensuring cultural sensitivity and operational authenticity.
According to Mirabel Nee Ngang, President of AziCCUL, inclusivity was at the heart of this decision.
“The launch of these services aims to integrate Muslims into the financial landscape. Our goal is to unite and grow together, based on transparency and fairness.” she explained
Muslims in the region now have the option of opening accounts, saving for the hajj pilgrimage, and investing in homes, schools, and businesses all without violating religious obligations.
Sani Mohammed, the pioneer manager of the new Islamic Services and a long-serving staff member of AziCCUL, underlined the long-term benefits.
“With these services, Muslims can participate in the financial system without compromising their values, leading to greater economic empowerment.” he noted
Governor Lele L’Afrique welcomed the launch, describing it as an opportunity for both growth and peace-building in the region.
“The launch of Islamic Services by AziCCUL will significantly contribute to the economic growth of the North West region and beyond. This initiative will also support the ongoing peace-building efforts in our region, offering new opportunities for development.” he said
The introduction of Islamic Services is expected to attract new members, mobilise dormant capital within the Muslim community, and stimulate investment in local businesses. By offering tailored financial products, AziCCUL positions itself as a driver of inclusive economic development in Cameroon.
AziCCUL has plans to expand its Islamic Services to other regions, including Bertoua, Bonamoussadi in Douala, and Yaoundé, ensuring that the model reaches more Muslim communities across Cameroon.
“Our collaboration with a consultant and a Sharia-compliant board will guide our actions to ensure these services are accessible nationwide,” General Manager Awah said
Across the globe, Islamic finance is seen as a bridge to bring millions of people into the formal financial system. By adopting this approach, AziCCUL has positioned the North West region as a pioneer in financial innovation within Cameroon.
In a region facing both economic and social challenges, Islamic Services may well become a foundation for trust, empowerment, and sustainable development.
Fact Box: Islamic Finance in Global Perspective
- $4 trillion market: Global Islamic finance assets are projected to reach USD 4 trillion by 2026, driven by growth in banking, sukuk (Islamic bonds), and Islamic insurance.
- Over 80 countries: Islamic banking is practised in more than 80 countries, from Malaysia and Saudi Arabia to Nigeria and South Africa.
- Africa’s rise: Nigeria, Sudan, and Kenya are already advancing Islamic finance, creating benchmarks for sub-Saharan Africa.
- Financial inclusion tool: The Islamic Development Bank notes that Islamic finance plays a vital role in reducing poverty and promoting financial inclusion among communities that avoid conventional banking.
- Cameroon’s opportunity: With over 20% of its population being Muslim, Cameroon stands to mobilise significant untapped savings and investments through Sharia-compliant services like those now offered by AziCCUL.
By Bakah Derick for Hilltopvoices Newsroom
Email: hilltopvoicesnewspaper@gmail.com
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