Madagascar
Madagascar's banking law (2020-011) and insurance law (2020-005) contain no Islamic finance provisions, the central bank's list of 13 banks (updated 18 August 2026) shows no Islamic bank, and the 2020 banking law says there is no stock market.
Five checks
Banking rulesNot found
The banking law n° 2020-011 of 1 September 2020 does not mention Islamic banking. Its 'crédit participatif' (article 10) is peer-to-peer lending that repays lenders with agreed interest, so it is not an Islamic product. The central bank's regulation page lists the banking, microfinance and e-money laws as the base texts.
- “le remboursement aux prêteurs du montant du prêt et des intérêts convenus”
CNLEGIS (Centre National de Législation) · 2020-09-01 - “La loi n° 2020-011 du 1 er septembre 2020 sur la loi bancaire”
Banky Foiben'i Madagasikara · 2026-11-14
Licensed banks and windowsNot found
- “Dernière mise à jour le 18/08/2026”
Banky Foiben'i Madagasikara · 2026-08-18
Sukuk issuedNot checked
- “la limitation du marché obligataire au marché des titres du Gouvernement et l’inexistence de marché boursier”
CNLEGIS (Centre National de Législation) · 2020-09-01
Takaful (non-interest insurance)Not found
The insurance law n° 2020-005, supervised by the CSBF, does not mention takaful or Islamic insurance. No takaful operator was found.
- “la Commission de Supervision Bancaire et Financière (CSBF)”
CNLEGIS (Centre National de Législation) · 2020-09-01
Capital market rulesNot found
The banking law's statement of reasons says Madagascar has no stock market and its bond market is limited to government securities. No Islamic capital market rules were found.
- “la limitation du marché obligataire au marché des titres du Gouvernement et l’inexistence de marché boursier”
CNLEGIS (Centre National de Législation) · 2020-09-01
Still open
Points we could not confirm at source yet.
- Ministry of Economy and Finance (Trésor) pages were not searched directly for sukuk plans.
- Microfinance institutions were not checked individually.
Where we searched
- Banky Foiben'i Madagasikara (central bank, hosts the CSBF): site is a JavaScript app; pages read through its own content API (/admin/wp-json/bfm/page): 'Réglementation de la profession', 'Autorité de supervision : la CSBF' and 'Liste des codes banque' (13 banks, updated 18/08/2026): no Islamic terms. The site's general search API was not available
- CNLEGIS official legislation portal: Loi 2020-011 (banking, 58 pages) and Loi 2020-005 (insurance, 156 pages) grepped for islam, charia, shari, sukuk, takaful: no hits
- Assemblée nationale copy of Loi 2020-011: HTTP 403
- Bank own sites: BNI Madagascar and AccèsBanque homepages (no Islamic content); BOA, BFV-SG, BMOI, MCB, SBM and BRED Madagascar domains tried did not respond
- Web searches in French and English for finance islamique, banque islamique, sukuk, takaful with Madagascar: no relevant results