Nouakchott, Mauritania - A new financial institution, Mouamalat Assahiha Bank, has been established in Mauritania to operate exclusively according to the Islamic finance code.
“The new bank, with a US$20 billion capital, was set by young and successful Mauritanian business people,' according to a statement from the bank.
The bank will target both individuals and corporate organisations, and base its operations on the highest ethics and standards of the country's financial industry.
Islamic banking abhors loans with interest and financial speculation, and recommends risk sharing.
Mauritania currently has 18 banks, five of which operate according to the Islamic finance code.