Mauritian Finance Minister Rama Sithanen believes that there is a potential demand for Islamic banking and finance in Mauritius – not only from those who follow the Islamic faith but from the rest of the population as well.
“By enlarging the spectrum of financial products, the Shari’ah compliant products should interest all bank customers and will therefore bring healthy competition for existing conventional banking products,” he said.
According to him, Islamic banking will be a completely new concept that can potentially redefine the financial services landscape. “Islamic finance has proved its compatibility with conventional finance worldwide. It embraces principles of justice and cooperation. It will work in Mauritius and can promote economic growth, efficiency, investments and capital access,” he added.
Even it Islamic finance is new to the banking industry in the island state, it is not new to some ot the operators already offering Shari’ah compliant products in other countries.
Source : By Rosenberg, Anna
Publication: African Business