Seychelles: The BMIO could soon offer Islamic banking products

Aug 18, 2015

A regulation adapted to Islamic finance must first be established.

The Offshore Bank Muscat International (BMIO) has announced its intention to offer banking products in the Seychelles, possibly Islamic banking services.

Officials from Al Salam Bank, a Bahrain-based bank that
acquired a 50 per cent stake in the BMIO last year, came to the Seychelles from July 22nd to 23rd to discuss the hypothesis of turning the institution into a bank complying with the Shariah.

Several obstacles remain, including a lack of specific legislation to Islamic finance. However, the central bank said it is committed to implement this legal framework under the National Development Plan of the financial sector, which was approved by the Council of Ministers in November 2014.

In addition, the regulator said that the Seychelles government recently commissioned a study on Islamic finance which aims "to identify how Islamic finance can significantly contribute to GDP growth in the Seychelles," according to the Seychelles News Agency.ADNFCR-2976-ID-801797874-ADNFCR