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Thursday, 9 August 2007

Mauritius to promote Islamic banks


Port Louis, Mauritius – The Mauritian Minister of Finance, Rama Sithanen, told Parliament that the bill enacting the implementation of tax measures in his 2007/2008 budget presented in June and passed on Tuesday afternoon, provides for the development of Islamic banking services. Sithanen said that the Islamic financial sector is developing rapidly around the world, with an annual growth rate of 20 percent. "Mauritius has a great opportunity to diversify its financial sectors and provide foreigners with new services in the fields of wealth management and investment. Existing and new banks will be able to provide such services," he said. He added that Islamic law based financial revenues will be offered by banks and other financial institutions with a view to luring the big fortunes of the Middle East. Sithanen cited several Islamic countries such as Malaysia and non-Islamic countries such as Switzerland, the United States and the United Kingdom, which introduced the Islamic banking system as a supplement to traditional banking services. - (Panapress, 8 August 07)

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