Steady progress of Islamic Banking in Mauritius
Mauritius has aimed at a regulatory framework that accommodates both conventional and Islamic financial institutions. It has not imposed a single Shariah Board, but has left it to individual institutions to set up their own Shariah Committees, the governor noted.
The governor, who was speaking at the official launch of HSBC Amanah Islamic Banking Mauritius on 5 May at Domaine Les Pailles, outlined the steps that the country had taken in the past two years, including a recent project to develop Shariah-compliant money-market products for the emergence of an active interbank money market for Islamic financial institutions.
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