Mauritius to get Islamic banks

Mauritius to get Islamic banks

Governor of the Bank of Mauritius, Rundheersingh Bheensick, announced Tuesday evening that the necessary guidelines for the creation of Islamic banks would be issued early this year for operators in the banking sector.

“The Island’s interest is to set up Islamic banks as soon as possible,” Bheensick said in an address to operators in the banking sector.

He said throughout last year, the Central Bank worked actively on the implementation of Islamic banking on the Island, in order to broaden the range of services provided in the sector.

“The law was amended in 2004 to accommodate Islamic banking. The Central Bank became an associate member of the Islamic Financial Services Board last November. It is currently finalizing the necessary framework which will govern institutions providing Islamic banking services,” he said.

According to him, the over 20 existing commercial banks in Mauritius may opt to offer Islamic banking through a special window, or by launching a full fledged Islamic bank.

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