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International conference on Islamic banking to open in Mauritius on April 5

Maverick Report

LAHORE: A two-day international conference on Islamic banking will open in Mauritius on April 5 wherein researchers, economists, Shariah scholars, banking and finance experts will share their views and experiences with the participants.

According to a statement issued here Thursday, the conference is aimed at promoting the Islamic banking and creating awareness in current innovations in Islamic finance in Mauritius.

Out of total population of 1.3 million, this beautiful African island has 18 per cent Muslim population. Due to the friendly taxation system, effective and efficient financial regulations, Mauritius is an ideal place for investment in Islamic finance for international Islamic financial institutions. As per the World Bank report of 2008, Mauritius stands at the top in African countries with respect to the business opportunities.

A full-fledged Islamic bank is expected to be set up in Mauritius this year. HSBC, Tata Fund, Albaraka Multipurpose Society and Insurance Company have already introduced Islamic financial products which are being adopted by the community.

The organiser of the conference, Zubair Mughal, chief executive officer of AlHuda Centre of Islamic Banking and Economics (CIBE), while explaining the objectives of the conference said: “This conference will enhance the flagship of Pakistan’s Islamic finance industry to be introduced to the world through their Islamic finance professionals.”

Mughal declared that the Pakistan’s Islamic finance professionals are respected across the globe for their quality services as they are serving in Europe, Middle East, America and Africa. He said that AlHuda-CIBE has the plan to organise more such conferences in Afghanistan, Kazakhstan, Sri Lanka, Kenya and South Africa in addition to Mauritius.

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