Bank Of Zambia Urgues Banks To Go Islamic

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    Bank O f Zambia (BoZ) governor Dr Caleb Fundanga has challenged local and foreign financial institutions to submit proposals to the bank for consideration on the operation of Islamic banking in Zambia.
    Islamic banking is a financial service that meets the requirement of Shariah or Islamic law. It is designed to meet specific religious requirements of Muslims and there is noInterest charged.
    Dr Fundanga said BoZ is ready for investors interested to come to Zambia and set up Islamic banks.

    Islamic banking will be a bonus and a service that BoZ can allow banks to offer to its customers.
    Dr Fundanga said although the financial sector has recorded tremendous growths in recent times with the coming in of new banks, Islamic banking will be an additional benefit.
    Dr Fundanga said the establishment of Islamic banking services will help people have access to money for capital investment without paying interest.
    The Central Bank recently undertook a survey on the Zambian market which revealed that 80 percent of respondents intended to introduce Islamic banking products in the near future.-Zambia Daily Mail

    6 COMMENTS

    1. I like it that in Zambia, the request is coming from the regulator itself. How I wish it was also the same here in Malawi. Other countries are enjoying the benefits of Islamic banking. Did you here anywhere that a pure Islamic Bank collapsed during the hard economic times?

    2. We are keeping our eyeblows wide open as to when will this gift of islamic bank be given to us by Allah.Malawi Muslims will be redeemed from haraam banking then.Inshaallah one day shall be us enjoying the non interest bank transations.

    3. This is for real good news form our friends in Zambia.

      A few months ago I heard rumours that plans are underway to establish an Islamic Banking in Malawi and I remember I was quite excited and I cant wait to see it here.For sure this is a step towards right direction.May Allah (SWT) grant the authorities taufique and wisdom so that this idea materialises- AMEEN.

    4. mzotheka, so long as you are determined and focused it is not neccessary that it should come from the Authorities. Mind you the authorities are not Muslims and their take might be minimal because of the fact that they dont know it and they dont know its benefits. it is you and me that can spearhead this whole thing, I tell you Islamic Banking in Malawi is possible

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