LAHORE – Al Huda Centre of Islamic Banking and Economics Pakistan (CIBE) organised an International Conference on Islamic banking and finance in Mauritius which has now successfully concluded. The aim of this conference was to promote Islamic banking in Mauritius and other African countries so that the methodology of Islamic products could be produced after tapping the actual benefits of this structure.
Heads of banks from Malaysia, Pakistan, Kuwait, Sudan, South Africa, Tanzania, UAE, Lebanon, India and Nigeria participated in the conference alongside senior Mauritius government officials. Addressing the audience, Mauritius Minister of Labor and Industrial Relations Shakeel Mohamed stressed that there are ample opportunities for the development of Islamic banking and finance.
Islamic banking is not only the sole property of Muslims rather people of all religions and societies can avail the benefits of the structure. Mauritius Minister of Housing Abu Tuaab 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 cultivate Islamic banking in the country and he praised the effort of Pakistan in this regard. Bank of Mauritius Deputy Governor Iqbal Belath while addressing the audience underlined that Mauritius is fast moving integrating into the 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 organisations working in the country. In addition, it was stressed that Pakistan could render service to Mauritius in any effort to launch and promote Islamic banking in Mauritius.
Mauritius Financial Services Commission Chairman Said Lalloo appreciated the step of Al Huda CIBE in organising the international conference in Mauritius expressed hope that with the phenomena of Islamic banking will continue to grow in the country.
