Malawi Muslims Official Website
No Result
View All Result
  • Login
  • Home
  • Religion
  • Business
  • Health
  • Education
  • Entertainment
  • Politics
  • Sports
  • World
Contact Us
  • Home
  • Religion
  • Business
  • Health
  • Education
  • Entertainment
  • Politics
  • Sports
  • World
No Result
View All Result
Malawi Muslims Official Website
No Result
View All Result
  • Home
  • Religion
  • Business
  • Health
  • Education
  • Entertainment
  • Politics
  • Sports
  • World
Home Featured

‘Islamic Finance Only Solution to Malawi’s Economic Challenges’

Robert by Robert
7 years ago
in Featured
Reading Time: 2 mins read
A A
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The coming in of the Islamic finance will bring development in general for the Malawian state, says Mufti Ismail Ibrahim Desai, Chief Executive Officer for Global Islamic Financial Services Firm. 

The South African based Islamic Financial Adviser said this at a one-day Islamic Finance workshop which he was invited as a facilitator. The workshop was organised by Muslim Association of Malawi (MAM) and took place on February 16, 2017 at Malawi Sun Hotel in Blantyre. It was aimed at drilling the representatives of  financial institutions on the need of including Islamic financial services in Malawi.

RELATED POSTS

Pastor Asks for Masajid

Business Tycoon Donates Football Kit to Mangochi Police

Islamic School Director Seeks Help

Mufti Desai said other countries especially in the middle East and Asia that have embraced Islamic Finance, their economy is good because of Islamic financial system.

“And if that is done in Malawi, it will be a big opportunity because it will see new investors coming, some kind of infrastructure development and poverty will be alleviated. Partners in other countries like Malaysia, South Africa, Dubai and Gulf cooperation are willing to come but the challenge is that Islamic Finance is not yet approved in Malawi,” he said.

Speaking during the official opening of the workshop Secretary General for MAM Alhaj  Twaibu Lawe said the Islamic Finance will benefit those who fail to take loans from the banks because of the high interest rate which they charge.

He said they already have discussions with the Reserve Bank of Malawi (RBM) and the Ministry of Finance and MAM is just waiting for the approval.

“Most people fail to access loans from the banks that we have because of the high interest rates which they charge and we want to correct this by providing the services that are interest free and it will benefit not only Muslim’s but all Malawians,” she said.

Lawe commended the task force for making a recommended progress for the Islamic bank to be established.

ADVERTISEMENT

The Islamic financial system has witnessed considerable developments in the past four decades and is now regarded as one of the fastest growing segment of the global financial system.

The key Islamic financial jurisdictions such as Malaysia and the Gulf Cooperation Council (GCC ) have gained much growth and traction over the past few years.

However other jurisdictions in Africa such as South Africa, Nigeria and Kenya have made considerable progress in the growth of Islamic finance.

Bangladesh and Indonesia in the Asian region have shown key potential for growth in the industry. European countries such as UK and Germany have also shown heightened activities in the industry.

The program was initially started in 2013 in Malawi to have the Islamic Banking Institution established in Malawi.

Robert Kumwenda writing from Malawi Sun Hotel. Marshall Dyton in Blantyre also contributed to this report.

Tags: Islamic FinanceMalawiMufti Desai
ShareTweetSend

Related Posts

Pastor Gama
Featured

Pastor Asks for Masajid

by Davie Katuli
September 8, 2023
0
0

Speaking to the Muslim Media Agency, Pastor Gama said he has decided to replace his churches with masajid after participating...

Read more

Business Tycoon Donates Football Kit to Mangochi Police

Islamic School Director Seeks Help

Muslim Women Urged to be United

Mangochi Police PRO Inspires Pupils

Malawian -British Billionaire to Turn ‘ Iconic ‘ Trocadero building into Mosque

  • Organisation Drills Borehole in Balaka District: Urges Organisations to Develop Rural Areas

    Organisation Drills Borehole in Balaka District: Urges Organisations to Develop Rural Areas

    0 shares
    Share 0 Tweet 0
  • LMJ Medicals for State-of-the-art Hospital

    0 shares
    Share 0 Tweet 0
  • Fuel Prices Go Up in Malawi

    0 shares
    Share 0 Tweet 0
  • Seek Knowledge Regardless of Age – Muslims Advised

    0 shares
    Share 0 Tweet 0
  • Police warn Malawians against sending money to unknown Facebook friends

    0 shares
    Share 0 Tweet 0
  • Trending
  • Comments
  • Latest
Organisation Drills Borehole in Balaka District: Urges Organisations to Develop Rural Areas

Organisation Drills Borehole in Balaka District: Urges Organisations to Develop Rural Areas

July 28, 2022

LMJ Medicals for State-of-the-art Hospital

December 6, 2015
Fuel Prices Go Up in Malawi

Fuel Prices Go Up in Malawi

March 8, 2021
Seek Knowledge Regardless of Age – Muslims Advised

Seek Knowledge Regardless of Age – Muslims Advised

May 11, 2022

Malawian Muslims Chased at Asian Muslims Milad–un-Nabee Feast

78

Supreme Council of Ulama Says Eid Adha Tuesday

28

Fatima Rajab the Guardian Angel, Abandoned for Refusing to Denounce Islam

24

MACRA BANS RADIO ISLAM PROGRAM

20
Pastor Gama

Pastor Asks for Masajid

September 8, 2023
Matola Visits Kapichira Hydropower Station

Matola Visits Kapichira Hydropower Station

August 5, 2023
Primary School Teacher Arrested for Defiling Teenage Learner

Primary School Teacher Arrested for Defiling Teenage Learner

August 3, 2023
Abida Mia encourages women to be independent & hardworking

Abida Mia encourages women to be independent & hardworking

July 31, 2023

Connect

Recent News

Pastor Gama

Pastor Asks for Masajid

September 8, 2023
Matola Visits Kapichira Hydropower Station

Matola Visits Kapichira Hydropower Station

August 5, 2023
Primary School Teacher Arrested for Defiling Teenage Learner

Primary School Teacher Arrested for Defiling Teenage Learner

August 3, 2023

Faith Podcast

Swalah 101

Ramadhan

Akudziwanji Za Chisilamu

Islamic Finance

Categories

  • Analysis
  • Business
  • Column
  • Crime and Society
  • Culture
  • Economy
  • Education
  • Entertainment
  • Featured
  • General
  • Health
  • International
  • Opinion
  • Politics
  • Religion
  • Sports
  • Travel

News in Pictures

Amir Jakhura
Amir Jakhura Addressing the Journalists
Some of the beneficiaries

© 2022 Malawi Muslims Official Website -Website by Freelance Web Solutions.

No Result
View All Result
  • Home
  • Religion
  • Business
  • Health
  • Education
  • Entertainment
  • Politics
  • Sports
  • World

© 2022 Malawi Muslims Official Website -Website by Freelance Web Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00