Complémentarité Banque islamique du Sénégal/institutions de microfinance : un modèle de financement inclusif et durable des PME sénégalaises[Complementarity Islamic Bank of Senegal/microfinance institutions: an inclusive and sustainable financing model for Senegalese SMEs]

The purpose of this article is to analyze the complementary relationship between the Islamic Bank of Senegal (BIS) and microfinance institutions (MFIs) and their contributions to the inclusive and sustainable financing of Senegalese SMEs. Indeed, in Senegal, the SMEs that make up almost the entire productive sector, 99.8% of the economic fabric, 3450.3 billion FCFA of turnover and more than 45% of the active population in 2016 (ANSD / RGE, 2016), have great difficulty in obtaining external and formal financing. The Senegalese financial system, which is predominantly dominated by banks and MFIs, gives SMEs a very limited chance to access financing. This is because the financing needs of SMEs are too important for MFIs but too low for banks to respond optimally to their needs. In addition, the banking sector, which has sufficient liquidity, is struggling to obtain financing mechanisms that are appropriate to the needs of SMEs. On the side of MFIs that have the appropriate financing tools, they are unable to find significant resources to meet the demand for funding of large SMEs. In this momentum, the complementarity between Islamic banking and MFIs seems to be the most appropriate and effective solution to address the financial difficulties of SMEs. Indeed, the research hypothesis of this article is that the refinancing partnership between these two financial structures favorably affects the financing of SMEs. Our panel data estimates confirm our main research hypothesis because they show positively and decisively the role of the complementarity relationship between these two financial institutions on the financing of SMEs.