Bank Of Zambia Urgues Banks To Go Islamic

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

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