Mauritius launches first Islamic banking window
PANA

The Hong-Kong and Shanghai Bank (HSBC) Ltd. launc hed Tuesday the first Islamic banking services window in the island, PANA learnt from banking sources.

"Today is a historic date as we launch HSBC Amanah islamic banking services that respond to the principles of the Sharia," Sandeep Uppal, CEO of the bank said.

Uppal emphasised that the new service is being offered to global business client s "as there are many opportunities in the offshore sector."

Uppal estimated that Mauritius can offer value to eventual clients in the Middle -East.

"We'll focus on local clients at the appropriate time," the CEO added.

Governor of the Bank of Mauritius Rundheersingh Bheenick said Islamic finance is not just for people of Muslim faith.

"The sound ethical principles underlying Islamic finance represent an attractive alternative to conventional financial products. Islamic finance offers advantag e s to Muslims and non-Muslims alike," Bheenick underlined.

On the legal and regulatory view, he said Mauritius was ready for Islamic bankin g.

"The challenge begins when marketing Mauritius as a destination of choice for Is lamic finance. It is a very competitive field that we are entering," Bheenick ob s erved.

The governor undertook a personal engagement to do whatever is required to help Mauritian licences implement Islamic banking successfully.

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