"For a country that is second to none in its pluralism, with our multiple identities, ethnicities, religions, languages and cultural affinities with the world, we could not stay away from Islamic banking, said Rundheersing Bheenick governor of the Bank of Mauritius. Bheenick has been pushing to bring Islamic banking to Mauritius since he joined the Bank of Mauritius in 2007. The license was handed out in October 2009.
Century bank plans to focus on wholesale banking and treasury and wealth management in its first two to three years, including debt and equity capital markets and fund management. Though under its license the bank will be able to engage in both investment banking and retail banking activities.
Islamic banking is growing at 15-20% a year globally, with currently an estimated US$1 trillion in assets under management.
