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What is BOM Guidelines

Chapter 13
Growth and Emerging Prospects of International Islamic Banking
The Bank of Mauritius Guidelines for Institutions Conducting Islamic Banking Business which are issued in 2008 under Section 100 of the Banking Act 2004 and that concern the regulation of Islamic banks licensed by the BOM.
Published in Chapter:
Governance and Financial Reporting of Islamic Banks: Evidence From Mauritius
Ambareen Beebeejaun (University of Mauritius, Mauritius)
Copyright: © 2020 |Pages: 18
DOI: 10.4018/978-1-7998-1611-9.ch013
Abstract
While Islamic finance continues to evolve at a fast pace across the globe, the government of Mauritius is undertaking various initiatives to encourage and facilitate the conduct of Islamic banking activities in the country. Examples are the admission of the Bank of Mauritius as an associate member of the Islamic Financial Services Board in 2007, the enactment of the guidelines for Islamic banking in 2008, and the hosting of the 11th Islamic Financial Services Board Summit in 2014. Consequently, through these endeavors, several stakeholders offering Islamic finance products are expressing interest to set up their business infrastructures in Mauritius. Hence, this chapter discusses the main governance and financial reporting requirements of the offeror of Islamic banking products such that potential investors are acquainted with the legal and compliance needs of an Islamic bank operating in Mauritius.
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