MAURITIUS: Two banks to offer Islamic banking in Mauritius

Iqbal Belath, Deputy Governor, Bank of Mauritius, has said that the bank has given licences to two banks to launch Islamic banking services.

He said this at the International Conference on Islamic Banking and Finance organised by AlHuda Centre of Islamic Banking and Economics Pakistan in Mauritius.

He said Mauritius was fast moving towards Islamic banking and was now a member of Islamic Financial Services Board (IFSB) and Islamic Management Liquidity Board.

He said there are a few leasing, Takaful and Islamic Microfinance organisations working in the country.

The aim to organise the conference was to promote Islamic banking in Mauritius and other African countries.

Those who attended the event included heads of banks from Malaysia, Pakistan, Kuwait, Sudan, South Africa, Tanzania, United Arab Emirates (UAE), Lebanon, India and Nigeria.

Addressing the participants, Shakeel Mohamed, Minister of Labour and Industrial Relations of Mauritius, said that there were ample opportunities for the development of Islamic banking and finance in his country. “People of all religions and societies can take the benefits of Islamic banking.”

Abu Tuaab, Minister of Housing and Land, said that if western countries had adapted Islamic banking, the 2008 financial crisis could have been averted.

Sunil Benimadhu, head of Stock Exchange of Mauritius, said that he wanted to promote Islamic banking products through the exchange. “We believe that the stock market will grow with this banking and finance structure.”

Muhammad Zubair Mughal, CEO, AlHuda CIBE, said that there were ample opportunities to start Islamic banking in Mauritius. “It will not be wrong to say that Mauritius will be the future hub of Islamic banking in the African continent.”

Speakers from Malaysia, Pakistan, Kuwait, Sudan, South Africa, Tanzania, UAE, Lebanon and India presented their research papers in the conference.