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Zim to introduce Islamic banking - report

07 November 2013, 11:31

Cape Town - Zimbabwe is reportedly planning to introduce Islamic banking in a bid to attract its Muslim community, which constitutes 1% of the country's population.

According to The Africa Report, talks were already under way between the government and the Islamic community, which is seeking to help boost the country's crumbling economy.

Wikipedia defines Islamic banking as a banking activity that is consistent with the principles of sharia, which prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money.

An official from the Muslim community, Ashirai Mawere, said their members were eager to revive the country’s economy through Islamic funds, said the report.

The international Islamic finance sector is reportedly expected to be worth $2.6 trillion in four years.

IMF team in Zimbabwe

Zimbabwe is currently reeling under a tough economic situation which the government blames on western sanctions which were imposed against the country more than a decade ago.

Last month President Robert Mugabe called on European nations to lift the sanctions in order to boost trade ties.

In other reports, the southern African country is said to be holding talks with a visiting International Monetary Fund (IMF) team.

Business Day reported on Thursday that this was the first high level engagement between the country and the IMF since the 31 July vote that saw Mugabe’s Zanu-PF party win "resoundingly".

Analysts said the IMF visit was highly likely to pave the way for the "normalisation of relations" between Zimbabwe and the international community, after a decade-long fall-out, Business Day said.

- News24


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