#Malawi approves #Islamic #Banking, Sharia-compliant services

The Malawi government has approved to embrace the Islamic banking system, however not through fully fledged Islamic banks, but through the "window model" only. According to Reserve Bank Governor Dalitso Kabambe, bank supervisors will shortly be engaging with each bank to prove guidance on reporting requirements of Sharia-compliant products and services. Kabambe promised that as soon as the guidelines are developed, they will be shared with each bank. In relation to this, the Muslim Association of Malawi recently invited an expert in Islamic Finance who facilitated the meeting. The South African Mufti, Ismail Ebrahim Desai, a renowned scholar in Islamic Finance advised the government on issues of proper regulation and supervision.

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