Mauritius shariah
SUPPLEMENT - OFFSHORE - September 01, 2009
With the sub-prime crisis challenging conventional banking and financial products, there is mounting interest in Islamic products which comply with the principles of shariah law. The size of the global market for shariah-compliant products is estimated at $800 billion. The increase in wealth in Islamic countries (especially in the Middle East with its accumulation of petrodollars), the growth in the Muslim population, the huge capital requirements for infrastructure projects across the Muslim world as well as the active participation of investors and sovereign nations in Islamic capital market have not only resulted in a remarkable growth in the Islamic finance industry but have also led to the development of a wide range of shariah-compliant products.
In Mauritius too, there is a growing demand for shariah-compliant products based on the sharing of risks and rewards. Over the past few years the government has taken an array of measures to encourage the...
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