The West African Monetary Agency (WAMA), in collaboration with the Islamic Financial Services Board (IFSB), held a joint regional workshop on Islamic Finance from 20 to 22 January 2026, aimed at strengthening regulatory and supervisory frameworks for Islamic banking and finance in the ECOWAS region.
The workshop was organized to engage members of the WAMA Experts Committee and other regulatory and supervisory staff of the member central banks on the need to develop specific legal texts and tailored regulatory and supervisory frameworks to support the effective development of Islamic banking and finance. Discussions focused on the unique characteristics of Islamic banking and finance and their implications for regulation and supervision.
Key issues discussed during the workshop included:
- The specificities and operational characteristics of Islamic banking and finance;
- The development of dedicated legal texts for Islamic banking and financial institutions;
- Regulatory and supervisory frameworks adapted to Islamic finance;
- Shariah governance structures and oversight mechanisms;
- Risk management frameworks for Islamic financial institutions;
- Capital adequacy requirements in line with Islamic finance principles;
- Liquidity management frameworks and liquidity requirements for Islamic banks;
- Alignment with international standards and IFSB guidance; and
- Supervisory challenges and capacity-building needs within the region.
The facilitators adopted an interactive and participatory learning approach, which was highly appreciated by participants. This approach fostered active engagement, practical exchanges, and in-depth discussions among experts and regulators.
Participants expressed strong interest in continued engagement and further capacity-building initiatives on Islamic finance, underscoring the growing importance of the sector and the need for sustained collaboration between WAMA, IFSB, and regional stakeholder
Selected Pictures
