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Islamic Finance through Co-operatives in Mauritius

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Presentation on theme: "Islamic Finance through Co-operatives in Mauritius"— Presentation transcript:

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

2 Mr. Mamode Raffick NABEE MOHOMED
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. Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

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

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

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

6 Islamic Finance through Co-operatives
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. - Based on principles & values: honesty, openness, equity, equality, democracy, solidarity etc. Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

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

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

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

10 VISION 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 Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

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

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

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

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

15 Individual/organisational/government level Legal framework
CHALLENGES Individual/organisational/government level Legal framework Public acceptance Economic potential Human Resource Mass Education Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

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

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

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

19 Thank you M. Raffick Nabee Mohomed E-mail: albarakahcoop@hotmail.com
Tel: (230) , Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook


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