Super Innovative! FDH Bank launches Islamic Sharia Law banking facility for Muslim customers

FDH Bank has launched an Islamic Sharia Law banking facility to cater for Muslim customers called FDH Salama Banking solution.

FDH Bank becomes the first bank to introduce the banking facility in the country.

The Salama Banking solution was launched on Tuesday in Blantyre.

Operating under the principles of Sharia law, Islamic banking emphasizes profit and loss sharing while prohibiting interest payments.

FDH Bank managing director Noel Mkulichi emphasized that the launch of FDH Salama Banking is a crucial step in their strategic growth plans citing the initiative aims to cater to a previously underserved community within the local banking sector.

Mkulichi highlighted that FDH Salama Banking is designed not only for Muslims but for anyone seeking an alternative banking experience.

On his part, Sheikh Ibrahim Lethome Asmani, chairman of the Sharia Advisory Council of FDH Salama Banking, emphasized the importance of maintaining compliance with Sharia laws.

Meanwhile, the initial transactions the bank is processing include deposit accounts, with plans to expand the portfolio.

FDH Salama Banking will operate in Limbe, City Center in Lilongwe, and Mangochi in the eastern region, establishing itself as a Sharia-compliant bank.