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Swazi Central Bank moots Sharia products for Muslims

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The Muslim community living in Swaziland may be catered for as banks want to introduce some banking services that
are currently not available.The Central Bank of Swaziland said on Monday that it wants to introduce various legislative interventions to deal with the Asian community, that will allow financial institutions to offer suitable products tailored for certain members of the public.

“These include Sharia banking products,” said Head of Strategy and Communication at the Central Bank, Zithulele Gina who also revealed that they were currently reviewing the Financial Institutions Act.

The official said they were planning to engage the association of the Asian population and also opening doors to entrepreneurs who understand Islamic banking to open a bank that would adequately service the growing Asian population.

The Asian population in Swaziland much of it is Muslim is estimated at 200, 000.

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