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173905
Thu, 04/07/2011 - 17:16
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http://m.oananews.org//node/173905
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Islamic banking rapidly developing in Mauritius
Islamabad, April 07, 2011 (PPI): AlHuda Centre of Islamic Banking and Economics Pakistan organized an International Conference on Islamic banking and Finance in, Mauritius that was successfully ended on Thursday.
The aim to organize this conference was to promote Islamic banking in Mauritius and other African countries so that the methodology of Islamic products could be produced after inducing the actual benefits of this structure. Shakeel Mohamed - Minister of Labour and Industrial Relations Mauritius, Minister of Housing Mauritius, Chairman Financial Services Commission Mauritius, Chief Executive, Stock Exchange of Mauritius Deputy Governor, Bank of Mauritius, Ex- President - Mauritius, heads of banks from Malaysia, Pakistan, Kuwait, Sudan, South Africa, Tanzania, UAE, Lebanon, India and Nigeria participated in this mega conference.
Addressing to the participants, Shakeel Mohamed - Minister of Labour and Industrial Relations Mauritius said that there are ample opportunities for the development of Islamic banking and finance in our country. Islamic banking is not only the sole belonging of Muslims rather people of all religions and societies can take the benefits of that structure. Mr. Abu Tuaab, Minister of Housing and Land Mauritius said that if western countries had adapted Islamic banking structure then the financial crunch could have affected the world so badly. He further added that Mauritius government is working seriously to flourish Islamic banking in the country and he praised the effort of Pakistan in this regard.
Mr. Iqbal Belath, Deputy Governor, Bank of Mauritius, while addressing to the audience said that Mauritius is fastly moving towards Islamic banking structure and it is a member of Islamic Financial Services Board (IFSB) and Islamic Management Liquidity Board. He added that we have released licenses to two banks to launch Islamic banking services and there are a few leasing, Takaful and Islamic Microfinance organizations working in the country. Major General Muhammad Siddique, High Commission of Pakistan said that Islamic banking is a good omen for the country, with this non Muslims will also get a good benefit and Pakistan can give a proper guideline to launch and promote Islamic banking in Mauritius.
Mr. Said LALLOO, Chairman, Financial Services Commission Mauritius appreciated the step of AlHuda CIBE to organize this international conference in Mauritius and further anticipated that with this Islamic banking will fastly grow in the country. Mr. Sunil Benimadhu, CE, Stock Exchange of Mauritius said that he is serious to promote Islamic banking products through exchange. He said that we believe that stock market will grow with this banking and finance structure. Mr. Mamode Raffick Nabee Mohomed, Secretary, Al Barakah Multi-purpose Co-operative Society Limited -Mauritius revealed that his company is working to promote Islamic microfinance since 1998.
Muhammad Zubair Mughal, CEO, AlHuda CIBE, in his address said that there are ample opportunities to start Islamic banking in Mauritius. It will not be wrong to say that Mauritius will be future Hub of African continent of Islamic banking and finance then it will not be wrong at all. He said that the increasing trend of Islamic banking of Mauritius will soon attract international Islamic banking organizations. He added that there is good environment of promoting Islamic financial organizations with political stability. Speakers from Malaysia, Pakistan, Kuwait, Sudan, South Africa, Tanzania, UAE, Lebanon and India presented their research papers in the conference. At the end of the conference a mutual resolution was passed for the fast development of Islamic banking and finance trend in Mauritius and other African countries.
The aim to organize this conference was to promote Islamic banking in Mauritius and other African countries so that the methodology of Islamic products could be produced after inducing the actual benefits of this structure. Shakeel Mohamed - Minister of Labour and Industrial Relations Mauritius, Minister of Housing Mauritius, Chairman Financial Services Commission Mauritius, Chief Executive, Stock Exchange of Mauritius Deputy Governor, Bank of Mauritius, Ex- President - Mauritius, heads of banks from Malaysia, Pakistan, Kuwait, Sudan, South Africa, Tanzania, UAE, Lebanon, India and Nigeria participated in this mega conference.
Addressing to the participants, Shakeel Mohamed - Minister of Labour and Industrial Relations Mauritius said that there are ample opportunities for the development of Islamic banking and finance in our country. Islamic banking is not only the sole belonging of Muslims rather people of all religions and societies can take the benefits of that structure. Mr. Abu Tuaab, Minister of Housing and Land Mauritius said that if western countries had adapted Islamic banking structure then the financial crunch could have affected the world so badly. He further added that Mauritius government is working seriously to flourish Islamic banking in the country and he praised the effort of Pakistan in this regard.
Mr. Iqbal Belath, Deputy Governor, Bank of Mauritius, while addressing to the audience said that Mauritius is fastly moving towards Islamic banking structure and it is a member of Islamic Financial Services Board (IFSB) and Islamic Management Liquidity Board. He added that we have released licenses to two banks to launch Islamic banking services and there are a few leasing, Takaful and Islamic Microfinance organizations working in the country. Major General Muhammad Siddique, High Commission of Pakistan said that Islamic banking is a good omen for the country, with this non Muslims will also get a good benefit and Pakistan can give a proper guideline to launch and promote Islamic banking in Mauritius.
Mr. Said LALLOO, Chairman, Financial Services Commission Mauritius appreciated the step of AlHuda CIBE to organize this international conference in Mauritius and further anticipated that with this Islamic banking will fastly grow in the country. Mr. Sunil Benimadhu, CE, Stock Exchange of Mauritius said that he is serious to promote Islamic banking products through exchange. He said that we believe that stock market will grow with this banking and finance structure. Mr. Mamode Raffick Nabee Mohomed, Secretary, Al Barakah Multi-purpose Co-operative Society Limited -Mauritius revealed that his company is working to promote Islamic microfinance since 1998.
Muhammad Zubair Mughal, CEO, AlHuda CIBE, in his address said that there are ample opportunities to start Islamic banking in Mauritius. It will not be wrong to say that Mauritius will be future Hub of African continent of Islamic banking and finance then it will not be wrong at all. He said that the increasing trend of Islamic banking of Mauritius will soon attract international Islamic banking organizations. He added that there is good environment of promoting Islamic financial organizations with political stability. Speakers from Malaysia, Pakistan, Kuwait, Sudan, South Africa, Tanzania, UAE, Lebanon and India presented their research papers in the conference. At the end of the conference a mutual resolution was passed for the fast development of Islamic banking and finance trend in Mauritius and other African countries.
