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Islamic Finance Briefing - Categorized | Banking, Compliance, Tax, Legal, Regulatory, Market Moves more

Malawi rejects Islamic ‘Sharia’ banking

Posted on 18 April 2011

The Reserve Bank of Malawi (RBM) says it will not approve the opening of an Islamic Bank in Malawi. Islamic finance caters for customers who want to avoid earning interest, which is viewed as usury under Islamic Sharia law. Islam also prohibits speculation and investment in non sharia-compliant industries.
RBM Director of Banking Supervision Noel Mkulichi said the central bank will not allow Islamic banking “because of Sharia law elements”………………………………………Full Article: Source

 
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