Islamic finance in Mauritania covers the Islamic banks licensed by the Central Bank of Mauritania, Islamic windows of conventional banks and compliant microfinance, operating under the 2018 banking law that recognises interest-free operations alongside the conventional system.
An Islamic bank founded in 1985
Banque Al Wava Mauritanienne Islamique, or BAMIS, is regarded as the country's first Islamic institution, founded in 1985 with a partner from the Al Baraka group. For a long time it was the only bank offering Murabaha and interest-free deposits.
A mixed system, not a fully Islamised one
Unlike Sudan or Iran, Mauritania has not Islamised its whole banking system. Islamic and conventional banks coexist under the same supervisor, and customers are free to choose between interest-bearing credit and a compliant financing product.
The 2000s: windows and new entrants
From the 2000s, several conventional banks added Islamic products to their range, and new fully Islamic institutions were licensed during the 2010s, often with capital from the Gulf states, widening the choice for retail and business clients.
Four Islamic institutions on the current list
Licensed banks include BAMIS, Banque Islamique de Mauritanie, Banque des Financements Islamiques and Banque Muamelat As Sahiha. The other banks operating in the market are conventional, although some of them also market an Islamic product range.
What the 2018 banking law changes
The 2018 law on credit institutions explicitly recognises Islamic banking operations and subjects them to the same licensing as other banks. It provides for a Sharia compliance oversight mechanism attached to the central bank.
Sharia oversight: a central body still taking shape
The national Sharia supervisory body foreseen by the reform was slow to become operational. Meanwhile each Islamic bank relies on its own Sharia committee, which can lead to different opinions on similar contracts.
A regulatory project supported by the IsDB
The Islamic Development Bank is funding technical assistance to compare Mauritania's framework with international standards, draft prudential, licensing and Sharia governance rules specific to Islamic banks, and train central bank staff and other stakeholders on the new rules.
Which international standards serve as a benchmark?
The gap analysis looks in particular at IFSB standards on capital adequacy and risk management, and at AAOIFI standards on accounting and Sharia. The aim is to avoid applying unchanged rules designed for interest-based lending.
Murabaha, the most widespread product
In branches in Nouakchott and Nouadhibou, Murabaha mainly finances goods, vehicles and equipment for traders: the bank buys the asset and resells it with a margin payable later. Ijara and Musharaka remain much rarer.
Compliant treasury instruments
The state has issued Islamic government securities alongside conventional Treasury bills, giving Islamic banks a short-term placement. The secondary market remains thin, and excess liquidity is still a challenge for these institutions.
Islamic microfinance and the PROCAPEC network
The network of popular savings and credit funds, PROCAPEC, licensed in 1997, is the country's main microfinance institution and notably uses Murabaha with small traders and households living far from bank branches in towns and rural areas.
Opening an account with a Mauritanian Islamic bank
A resident or diaspora member provides an identity document and proof of address. Ask whether the current account is a guaranteed deposit or a Mudaraba investment account, how profit is calculated and which Sharia committee approves the contracts.
Specialist external source
The Central Bank of Mauritania website lists licensed banks, publishes the regulations for the banking sector and describes its monetary policy instruments.