Islamic Finance through Co-operatives in Mauritius

1. Islamic Finance through Co-operatives in Mauritius Mr. Raffick Nabee Mohomed Founder & Secretary Al Barakah Multi-purpose Co-operative Society Limited Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

2. Mr. Mamode Raffick NABEE MOHOMED The Founder and Secretary of Al Barakah Multi-purpose Co-operative Society Limited, Mauritius. Mr. Nabee Mohomed holds a Bachelor of Commerce, a Post Graduate Certificate in Education as well as a Post Graduate Diploma in Islamic Banking & Insurance. He is an Education Officer, also a lectureron Islamic Banking as well as Finance and is an Associate Fellow of the Institute of Islamic Banking and Insurance which is based in London. Mr. Nabee Mohomed has also done a thesis on the empirical study of the Muslim Family in a rural set up. He has presented the case study of Al Barakah Co-op at conferences and seminars in Trinidad & Tobago, India and Pakistan. About The Speaker Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

3. About Our Organisation PIONEER IN ISLAMIC FINANCE IN MAURITIUS Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

4. AL BARAKAH Idea of establishing an Islamic bank in Mauritius in 1990’s. Preliminary work carried out by Islamic organizations. Emergence of a Credit Union in the Co-operative sector (AL BARAKAH) About Our Organisation Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

5. Integrating Islamic Finance in Co-operatives Legal Framework Products & Services Challenges Q&A Agenda Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

6. Integrating Islamic Finance in the co-operative sector: (1) Islamic Finance–based on Islamic ethics: justice, fairness, sharing, co-operation, benevolence (2) What is a Co-operative ? - A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. - Based on principles & values: honesty, openness, equity, equality, democracy, solidarity etc. Islamic Finance through Co-operatives Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

7. Why co-operatives? Legal framework Values Easy formation Small capital Co-operative sector is more people-oriented “ Co-operate in what is good and pious and do not co-operate in what is sinful and wicked….” (Q-5:2) Islamic Finance within the co-operative sector around the globe. Mauritius? Islamic Finance through co-operatives Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

8. Formation of Al Barakah (Registered on 10th June 1998): To provide an alternative to the interest-based financial institutions To provide halal investment opportunities and returns. To contribute in the overall development of the economy. Islamic Finance through Co-operatives in Mauritius Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

9. Operates: Within the Co-operative Societies Act 2005 Within the framework of its rules and regulations In accordance with Islamic Financial Laws. LEGAL FRAMEWORK Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

10. VISION To be a leading Co-operative Society in the field of Islamic Finance for a fair and just society. MISSION To operate as a financial institution based on Islamic co-operative principles and providing a wide range of services on an interest-free basis Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

11. Schemes based on Murabahah 1. Household General Financing 2. Computer Financing 3. Traders/Entrepreneurs Financing 4. Home Financing Istisnaa Financing (Manufacture-Sale) Interest-Free Loan (Qard-al-Hasan) Partnershipwith shareholders PRODUCTS & SERVICES BASED ON ISLAMIC FINANCIAL TECHNIQUES Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

12. To purchase new computers sets, Laptop, etc... Computer Financing Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

13. ISLAMIC FINANCE RESEARCH EDUCATION & TRAINING FUND (IFRET FUND) SOLIDARITY FUND DIVIDEND EQUALISATION FUND Our Special Funds Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

14. Creating awareness about Islamic Finance. Organizing lectures, seminars, conferences and workshop. Organizing mini trade fair/socio-cultural programme. OTHER ACTIVITIES Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

15. Individual/organisational/government level Legal framework Public acceptance Economic potential Human Resource Mass Education CHALLENGES Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

16. 9 years of operation An eye-opener Islamic finance at different levels Well-being of all citizens CONCLUSION Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

17. An introduction to Islamic Finance By Mufti Mohammad Taqi Usmani Meezan bank’s guide to Islamic Banking By Dr. M. Imran Ashraf Usmani A model of pure interest–free banking By Mohammad Saeed Shingeri A compendium of legal opinions on the operations of Islamic Banks By Yusuf Talal Delorenzo Islamic Law of Business Organisation By Imran Ahsan Khan Nyazee www.mcca.com.au www.bankrakyat.com.my www.isnacanada.com/achc.htm www.solbaram.org/articles/credun.html www.ica.coop muslimcreditunion@tstt.net.tt References Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

18. Q & A Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook

19. M. Raffick Nabee Mohomed E-mail: albarakahcoop@hotmail.com Tel: (230) 6275766, 7781738 Thank you Islamic Banking – The trends, challenges & best practices worldwide & the Mauritius-African outlook