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Habib Bank authorised to carry out Islamic banking

Port-Louis, Mauritius - The Bank of Mauritius (BOM) has authorised Habib Bank Ltd (HBL) to engage in Islamic banking side-by-side with its traditional banking activities, official sources told PANA here Friday.

BOM Governor Rundheersing Bheenick said the Mauritian authorities relied on HBL to develop Islamic finance in Mauritius.

'We will make efforts to encourage banks not to ignore the potential of the Islamic bank in the country,' he said, adding that Islamic banking is attractive for all financial service consumers, whatever their religious faith, since is it based on universal interest principles.

For his part, Managing Director of Habib Bank Ltd (HBL) Singapore Abid Sattar said the institution would encourage the development of Islamic banking in all its divisions.

Pana 24/05/2014