The Muslim Association of Malawi (MAM) has hailed the tnterest-free participation banking new guidelines drafted by Reserve Bank of Malawi embarcing an Islamic banking system which charges no interest, unlike conventional banks, calling them long overdue, as over 30 percent of Malawi’s population of 17.5 million is Muslim. The guidelines are built around Sharia Islamic […]
Malawi government has approved to embrace the Islamic banking system which doesn’t demand any interest from the borrowers as is the case with non-Islamic banking systems. Registrar of Financial Institutions Dalitso Kabambe , who is also Reserve Bank Governor, says in the approval document seen by Nyasa Times that this will only be through “Window […]
The Muslim Association of Malawi (MAM) has bemoaned high interest rates that Banks are offering saying this is fostering incidents of property repossession by banks and other lending agencies. MAM Secretary General Alhaj Twaibu Lawe sounded the outcry in an on Thursday saying the Association is discussing with government and other partners to establish an […]
Muslim Association of Malawi (MAM) an umbrella organisation for Muslims in the country will this week hold a one day workshop on Islamic financial services on Thursday at Malawi Sun Hotel in Blantyre. Coordinator for the event Sheikh Abdullah Omar Mdala said that MAM has organised the workshop in order to continue the organisation’s mandate […]
Muslim scholars in Malawi are expected to gather in Malawi’s commercial capital Blantyre this Sunday for a national conference which seeks to form an Islamic Banking and Financing Advisory Board that would oversee the process of establishment of the first ever Islamic Bank in the country. Leader of the organising committee, Adilu Chilungo says the conference scheduled […]