Bank of Zambia

BoZ still working on Islamic finance

The Bank of Zambia (BoZ) says it is working out modalities to roll out Islamic banking in the country after the central bank launched Islamic finance guidelines in 2013 to ensure strict adherence and compliance with the rules and principles of Sharia. BoZ governor Denny Kalyalya said the central bank is still doing some work on the Islamic banking. He noted that Islamic finance is a new way of doing business and a lot more needs to be done.
The BoZ has embarked on a process of developing a regulatory framework to facilitate the introduction of Islamic finance. The framework was reviewed by the Islamic Financial Services Board, which is the standard setting body in matters of Islamic finance.

Syndicate content