Islamic banking in Malawi: Muslim Association to hold workshop Thursday

Muslim Association of Malawi (MAM) an umbrella organisation for Muslims in the country will this week hold a one day workshop on Islamic financial services on Thursday at Malawi Sun Hotel in Blantyre.

Coordinator for the event Sheikh Abdullah Omar Mdala said that MAM has organised the workshop in order to continue the organisation’s mandate in advocacy initiatives regarding Islamic financial services

Sheikh Mdala said that his organisation believes that the workshop will provide the necessary knowledge to financial major players like Banks, Insurance industry; Brokers and Auditors just to mention a few. For this, participants have been drawn from these institutions and a few selected entrepreneurs.

The recent report by International Monetary Fund (IMF) reveals that Islamic finance has potential to spur inclusive growth. The IMF Deputy Managing Director Min Zhu states that “we see Islamic Finance as a potential engine for financial stability and growth” he however suggested that regulation and supervision of Islamic financial products need to be developed properly.

“In realisation of this, we needed to take this advantage to bring in an expert in Islamic Finance that will be facilitated by  A South African  Mufti  Ismail Ebrahim Desai A member and Associate of Global Islamic Financial Services Film  and a renowned Scholar in Islamic Finance and Banking  with several years experience in the field.” Mdala stated

Mdala further said that among other topics that will be presented are, Islamic Banking, Islamic Investment, Islamic Life Assurance, Islamic General Insurance and Islamic Health Insurance termed Takaaful

According to MAM , Major  Banks  render  Islamic financial services  in a  number of   developed countries where Muslims are a minority  like Islamic Bank of Britain in the  United Kingdom, standard chartered Islamic Banking, American Finance House, LARIBA Bank  in  United States ,  ABSA, FNB and Al Baraka Banks in South Africa , Eco Bank in western Africa  and many more.

“Our aim is to enlighten the financial sector on this booming facility that has brought infrastructure in many African poor nations like building of airports and many other huge developments which Malawi has never benefited from banks such as Islamic Development Bank because a country like Malawi does not have an Islamic Window facility in its Banks which can take a loan using Islamic mortgage.” Mdala concluded.

This is the second workshop organised by Muslim Association, the first workshop was held in Blantyre by Professor Munzir Kahf from University of Qatar. The workshop will be held in Blantyre on 16 February 2017.

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