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 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.