The first Islamic Financial Institution licensed by the Bank of Mauritius, Century Banking Corporation (CBC), was officially launched yesterday, in Port Louis, by the Vice-Prime Minister, Minister of Finance and Economic Development, Mr Pravind Jugnauth.
Century Banking Corporation is a strategic partnership between Qatari investors through Domasol Limited and the British American Investment. It will focus on wholesale banking, treasury and wealth management and will bring about Islamic finance practices in Mauritius.
In his opening address at the launching ceremony, Mr Jugnauth, qualified the emergence of Islamic finance in the financial segment of Mauritius as a challenge for the country to step into the international markets and also as a means to promote Mauritius as the preferred hub for Islamic finance activities in the region. According to him, the Islamic finance arena, while still in an emerging phase, has considerable potential for growth.
The Vice-Prime Minister highlighted that the country already had many successful records of tapping into new fields and providing leadership in many sectors among which Islamic finance. He added that the Government, through the Bank of Mauritius, has already introduced some amendments to the existing legislative framework so as to promote Islamic finance in the country and that more amendments and new regulations will be introduced to make Islamic finance more conducive.
According to statistics, Islamic finance is growing by between 15% and 20% per annum and there are opportunities for any institution or country venturing into Islamic finance, which is one of the fastest growing industries globally.
No comments:
Post a Comment