openPR Logo
Press release

First Islamic Bank opens in Mauritius

Unveiling of commemorative plaque by Pravind Jugnauth, VPM, Minister of Finance and Economic Development.

Unveiling of commemorative plaque by Pravind Jugnauth, VPM, Minister of Finance and Economic Development.

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

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release First Islamic Bank opens in Mauritius here

News-ID: 169662 • Views: 2544

More Releases from British American Investment

Apollo Bramwell celebrates fourth anniversary
Apollo Bramwell Hospital, a hi-tech tertiary care hospital based in the Indian Ocean island of Mauritius is celebrating its fourth anniversary. The hospital, which opened on August 19, 2009, has since touched the lives of hundreds of thousands of patients and their families, both from Mauritius and abroad. The hospital is now poised for more major developments as it prepares new projects that are set to change the medical landscape of
Mauritius firm, British American INvestment, eyes Africa
Taking advantage of positive developments in its main activities, Mauritian company British American Investment Co. (Mtius) Ltd pursues prospecting missions in Africa. A team comprising senior executives of the group is back to the Indian Ocean island after a visit to Sub-Saharan Africa where they established contacts with potential investors and regulators in South Africa and Botswana. This initiative comes at a time when British American Investment is also exploring the possibility
BA Investment: prospecting mission to Africa
Taking advantage of positive developments in its main activities, Mauritian company British American Investment Co. (Mtius) Ltd pursues prospecting missions in Africa. A team comprising senior executives of the group is back to the Indian Ocean island after a visit to Sub-Saharan Africa where they established contacts with potential investors and regulators in South Africa and Botswana. This initiative comes at a time when British American Investment is also exploring the possibility
Mauritius firm to develop land in Mozambique
Mauritius-based, British American Investment Co. (Mtius) Ltd, is contemplating to use several thousand hectares of land in Mozambique for one of the largest food security and renewable energy exercises of its kind undertaken by a local company. With soaring costs and dependency on fossil fuels and looming food security concerns, the business group estimates that large-scale production of food crops and green energy initiatives could result in significant savings every year. This

All 5 Releases


More Releases for Islamic

Islamic Finance Market Is Thriving Worldwide with Dubai Islamic Bank, Citibank, …
Global Islamic Finance Market Report 2020 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the changing investment structure of the Global Islamic Finance Market. Some of the key players profiled in the study are Citibank, HSBC Bank, Dubai Islamic Bank,
Islamic Financing Market Is Booming Worldwide | Al Rajhi Bank, Abu Dhabi Islamic …
Latest Study on Industrial Growth of Global Islamic Financing Market 2019-2025. A detailed study accumulated to offer Latest insights about acute features of the Islamic Financing market. The report contains different market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends
Islamic Fashion Becomes Effortless Thanks to SHUKR Islamic Clothing
While the competition for Islamic clothing is strong, SHUKR Islamic Clothing continues to distinguish itself by showing Muslim women they do not have to substitute modesty for style. The rise of hijab fashion bloggers and Muslim targeted clothing trends raises a question many modest dressers (Muslims especially) have been struggling with: are modesty and beauty able to co-exist? Thanks to SHUKR Islamic Clothing, one of the leading names in creating
SHUKR Introduces New Winter Islamic Clothing Collection
SHUKR Islamic Clothing, a company that combines Western fashion with Islamic modesty, is excited to promote its new Winter 2017/ 2018 collection SHUKR Islamic Clothing, a leading producer of modest and Islamic clothing for Muslims in the West, has recently announced its Winter collection has been released. SHUKR , one of the first Islamic Clothing companies that caters to Muslims in the West, has always separated itself from competitors by
3rd Annual Asia Islamic Banking Conference
Supported by the Malaysia International Islamic Financial Centre (MIFC), the 3rd Annual Asia Islamic Banking Conference is a platform that shall bring together 80 Islamic Banking experts. Scheduled on 10-11 July 2012 at the Prince Hotel & Residence, Kuala Lumpur, Malaysia, this summit aims at highlighting prominent trends of Islamic banking in the Asian region. With key speakers like Badlisyah Abdul Ghani (Head of Group Islamic Banking Division) CIMB Group, Dr.
3rd ANNUAL ASIA ISLAMIC BANKING CONFERENCE
Islamic Banking at crossroads: Robust Development or Stagnation under the crisis Southeast Asia is still looking for the right format of Islamic Banking. Where the Malaysian government is fully supportive of Islamic banking; the central bank in Indonesia is still developing the right policies to build a proper infrastructure for the Islamic financial instrument. The Strategic development and continues awareness campaign and training of Islamic banks to gain understanding of