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Islamic Banking

Al Salam Bank to introduce Islamic banking in Seychelles

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Once the legal framework is approved by the National Assembly, Al Salam bank will be the first lender to offer Shari’ah-compliant products and services in Seychelles.

Tuesday 12, February 2019

Bahrain’s Al Salam Bank has announced plans to offer Islamic finance banking concept in Seychelles, according to local newswire, Seychelles News Agency.

Asim Kumar, the Chief Executive of Al Salam Bank, said that contrary to conventional banking, where you lend money and earn interests on the amount, in Shari’ah-compliant banking, the bank becomes a partner.

Currently, Al Salam Bank Seychelles offers retail and corporate banking, with a focus in the corporate and small and medium enterprises.

Al Salam bank will be the first and only bank to providing Islamic banking services in Seychelles as soon as the Islamic banking environment is operational, added Loustau-Lalanne, Seychelles’ Minister for Finance, Trade, Investment and Economic Planning.

Seychelles’ cabinet ministers approved the policy as well as strategy on Islamic banking and finance as part of the financial sector development plan for the country.

Bahrain’s own 70 per cent of Al Salam Bank Seychelles, while Seychelles Pension Fund, owns 30 per cent.

 

TAGS : Al Salam Bank, Islamic banking, Shari’ah-compliant

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