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1 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Islamic Finance through Co-operatives in Mauritius.

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Presentation on theme: "1 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Islamic Finance through Co-operatives in Mauritius."— Presentation transcript:

1 1 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Islamic Finance through Co-operatives in Mauritius Mr. Raffick Nabee Mohomed Founder & Secretary Al Barakah Multi-purpose Co-operative Society Limited

2 2 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook About The Speaker Mr. Mamode Raffick NABEE MOHOMED The Founder and Secretary of Al Barakah Multi-purpose Co-operative Society Limited, Mauritius. Mr. Nabee Mohomed holds a Bachelor of Commerce, a Post Graduate Certificate in Education as well as a Post Graduate Diploma in Islamic Banking & Insurance. He is an Education Officer, also a lecturer on Islamic Banking as well as Finance and is an Associate Fellow of the Institute of Islamic Banking and Insurance which is based in London. Mr. Nabee Mohomed has also done a thesis on the empirical study of the Muslim Family in a rural set up. He has presented the case study of Al Barakah Co-op at conferences and seminars in Trinidad & Tobago, India and Pakistan.

3 3 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook About Our Organisation PIONEER IN ISLAMIC FINANCE IN MAURITIUS

4 4 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook AL BARAKAH Idea of establishing an Islamic bank in Mauritius in 1990s. Idea of establishing an Islamic bank in Mauritius in 1990s. Preliminary work carried out by Islamic organizations. Preliminary work carried out by Islamic organizations. Emergence of a Credit Union in the Co-operative sector (AL BARAKAH) Emergence of a Credit Union in the Co-operative sector (AL BARAKAH) About Our Organisation

5 5 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Agenda Integrating Islamic Finance in Co-operatives Integrating Islamic Finance in Co-operatives Legal Framework Legal Framework Products & Services Products & Services Challenges Challenges Q&A Q&A

6 6 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Islamic Finance through Co-operatives Integrating Islamic Finance in the co-operative sector: Integrating Islamic Finance in the co-operative sector: (1) Islamic Finance–based on Islamic ethics: justice, fairness, sharing, co-operation, benevolence (2) What is a Co-operative ? - A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. - A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. - Based on principles & values: honesty, openness, equity, equality, democracy, solidarity etc. - Based on principles & values: honesty, openness, equity, equality, democracy, solidarity etc.

7 7 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Why co-operatives? Why co-operatives? (1) Legal framework (2) Values (3) Easy formation (4) Small capital (5) Co-operative sector is more people-oriented (6) Co-operate in what is good and pious and do not co-operate in what is sinful and wicked…. (Q-5:2) (7) Islamic Finance within the co-operative sector around the globe. (8) Mauritius? Islamic Finance through co-operatives

8 8 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Islamic Finance through Co-operatives in Mauritius Formation of Al Barakah (Registered on 10 th June 1998): Formation of Al Barakah (Registered on 10 th June 1998): 1. To provide an alternative to the interest-based financial institutions 2. To provide halal investment opportunities and returns. 3. To contribute in the overall development of the economy.

9 9 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook LEGAL FRAMEWORK Operates: Within the Co-operative Societies Act 2005 Within the Co-operative Societies Act 2005 Within the framework of its rules and regulations Within the framework of its rules and regulations In accordance with Islamic Financial Laws. In accordance with Islamic Financial Laws.

10 10 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook VISION VISION To be a leading Co-operative Society in the field of Islamic Finance for a fair and just society. To be a leading Co-operative Society in the field of Islamic Finance for a fair and just society.MISSION To operate as a financial institution based on Islamic co-operative principles and providing a wide range of services on an interest-free basis To operate as a financial institution based on Islamic co-operative principles and providing a wide range of services on an interest-free basis

11 11 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook PRODUCTS & SERVICES BASED ON ISLAMIC FINANCIAL TECHNIQUES Schemes based on Murabahah Schemes based on Murabahah 1. Household General Financing 1. Household General Financing 2. Computer Financing 2. Computer Financing 3. Traders/Entrepreneurs Financing 3. Traders/Entrepreneurs Financing 4. Home Financing 4. Home Financing Istisnaa Financing (Manufacture-Sale) Istisnaa Financing (Manufacture-Sale) Interest-Free Loan (Qard-al-Hasan) Interest-Free Loan (Qard-al-Hasan) Partnership with shareholders Partnership with shareholders

12 12 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Computer Financing To purchase new computers sets, Laptop, etc... To purchase new computers sets, Laptop, etc...

13 13 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Our Special Funds 1. ISLAMIC FINANCE RESEARCH EDUCATION & TRAINING FUND (IFRET FUND) 2. SOLIDARITY FUND 3. DIVIDEND EQUALISATION FUND

14 14 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook OTHER ACTIVITIES Creating awareness about Islamic Finance. Organizing lectures, seminars, conferences and workshop. Organizing mini trade fair/socio- cultural programme.

15 15 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook CHALLENGES 1. I ndividual/organisational/government level 2. L egal framework 3. P ublic acceptance 4. E conomic potential 5. H uman Resource 6. M ass Education

16 16 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook CONCLUSION 1. 9 years of operation 2. An eye-opener 3. Islamic finance at different levels 4. Well-being of all citizens

17 17 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook References An introduction to Islamic Finance An introduction to Islamic Finance By Mufti Mohammad Taqi Usmani By Mufti Mohammad Taqi Usmani Meezan banks guide to Islamic Banking Meezan banks guide to Islamic Banking By Dr. M. Imran Ashraf Usmani By Dr. M. Imran Ashraf Usmani A model of pure interest–free banking A model of pure interest–free banking By Mohammad Saeed Shingeri By Mohammad Saeed Shingeri A compendium of legal opinions on the operations of Islamic Banks A compendium of legal opinions on the operations of Islamic Banks By Yusuf Talal Delorenzo By Yusuf Talal Delorenzo Islamic Law of Business Organisation Islamic Law of Business Organisation By Imran Ahsan Khan Nyazee By Imran Ahsan Khan Nyazee

18 18 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook Q & A

19 19 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook M. Raffick Nabee Mohomed Tel: (230) ,


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