Promoting Islamic social finance and financial inclusion: The High Authority of Waqf and the OQSF seal a partnership

The High Authority of Waqf (HAW) and the Observatory for the Quality of Financial Services (OQSF) signed a framework partnership agreement this Tuesday in Dakar. This agreement, which aims to strengthen financial and social inclusion in Senegal by leveraging Waqf mechanisms, formalizes the synergy between two key institutions committed to socio-economic development and the protection of users of financial services.

The agreement was initialed by Mr. Papa Amadou Diagne, Executive Secretary of the OQSF, and Dr. Ahmed Lamine Athie, Director General of the HAW.

Institutional synergy and objectives

The OQSF contributes its expertise in mediation, consumer protection, and financial education. For its part, the HAW leverages the Waqf as a tool for empowering vulnerable populations, combating poverty, and financing public infrastructure.

Concluded for a renewable period of three years, this partnership will lead to the development and monitoring of a joint action plan, which will be subject to a semi-annual evaluation.

Key areas of collaboration

The two parties have defined eight (08) priority areas for action:

1. Integration of a module dedicated to Waqf in the National Financial Education Program (PNEF);

2. Organizing joint communication campaigns to popularize the concept among the general public;

3. Implementation of a specific mechanism for the amicable settlement of disputes related to Waqf products;

4. Support for the OQSF to obtain the label for the collection system of the public monetary Waqf Fund;

5. Training of HAW agents on financial inclusion and consumer protection;

6. Facilitating the integration of established Waqfs into the formal financial network;

7. Pooling of expertise for the carrying out of joint studies and the exchange of good practices;

8. Link HAW to OQSF quality surveys and train OQSF staff on Islamic social finance instruments.

About the signatories

The High Authority of Waqf (HAW), created by law no. 2015-11 of May 6, 2015 and attached to the Prime Minister's Office, is an independent administrative authority responsible for the promotion, structuring and management of Waqf projects in Senegal.

The Observatory for the Quality of Financial Services (OQSF), established by decree no. 2009-95 of February 6, 2009 under the supervision of the Ministry of Economy, Finance and Planning, ensures the quality of financial services, financial education, mediation and financial inclusion of populations.