(openPR) - First Islamic Bank opens in Mauritius

Century Banking Corporation (CBC), the first Islamic bank in Mauritius, was officially launched last night to translate the Islamic philosophy of promoting social justice
Article

Century Banking Corporation (CBC), the first Islamic bank in Mauritius, was officially launched this week to translate the Islamic philosophy of promoting social justice.
The launch was held at La Batisse building, Caudan, by the Mauritian Vice-Prime Minister, Minister of Finance and Economic Development Mr Pravind Jugnauth.
The function was also attended by Mr Rundheersing Bheenick, Governor of the Bank of Mauritius (BOM), Mr Hesham Ali Shokry, Chairman of CBC, Mr Saleem Beebeejaun, Chairman of the British American Investment group and member of CBC’s Board of Directors, and Chief Executive Officers and senior officials of CBC and other banking and financial institutions.
“In essence, Islamic finance seeks to promote social justice by banning exploitative practices linked with usury, uncertainty or speculation and unethical economic activities,” Mr Jugnauth said, praising Islamic banking as one of the most reliable instruments in the financial world.
He said that since the global financial crisis started to unfold in 2008, reports demonstrated that Islamic banks have been less affected by the crisis. “Most of the Islamic banks came out unscathed because they did not take part in the so-called toxic assets that precipitated the worst crisis the world has seen since the Great Depression of 1930s,” he added.
About US$1 trillion in assets around the world is managed in accordance with Islamic principles, representing a small portion of the total financial assets managed worldwide.
“But Islamic finance is growing by between 15% and 20% per annum. This means that the opportunity is abundant for any institution or country venturing into Islamic finance and we are proud to begin our journey today tapping into one of the fastest growing industry globally,” the finance minister said.
International markets
CBC is also geared towards providing financing solutions using Mauritius as a platform to reach international markets, with a focus on the African and Asian regions.
Mr Jugnauth said that it will be a formidable challenge to step into the international markets and promote Mauritius as the preferred hub for Islamic finance activities in this region.
Mr Bheenick also encouraged making Mauritius more visible in the region in terms of Islamic banking. The central bank governor said that Islamic banking is now expanding out of its niche, moving from the Middle East and South East Asia to Central Asia and Western Europe.
“We can’t stay away from Islamic banking. We need to develop a regional hub for Islamic banking.” He welcomed the long-awaited launch of an Islamic financial institution; the CBC is the first Islamic bank licensed by the Bank of Mauritius.
He said that the key ingredients for an Islamic bank to succeed in Mauritius are awareness, understanding, behaviour and acceptability. Mr Hesham Ali Shokry, Chairman of CBC, said that being the pioneer of Islamic finance in Mauritius “the challenge is formidable.” He added that CBC is very committed to Islamic banking.
“Our objective is to drive this initiative to the next level. Another aim of CBC is to strive for partnerships with government to build the required Islamic financial infrastructure and harmonise this with the applicable laws and regulations.”
The Century Banking Corporation (CBC) was born from a strategic partnership between Qatari investors through Domasol Limited and British American Investment. CBC will focus on wholesale banking, treasury and wealth management.
Century Banking Corporation is the 20th bank lincensed in Mauritius.

Century Banking Corporation is the ?rst Islamic Bank licensed by the Bank of Mauritius. Born from the strategic partnership between Qatari investors through Domasol Limited and British American Investment Group, Century Banking Corporation will focus on wholesale banking, treasury and wealth management whilst gradually evaluating the attractiveness of other banking business chains.

Javed Bolah
Media & Communications Manager
25, Pope Hennessy Street, Port Louis
Mauritius
Tel: 230-601-8700; Fax: 230-686-1365
Email: jbolah@bai.intnet.mu