By Sainabou Gassama
APS Islamic Microfinance has launched Islamic Banking in a bid to broaden its financial offerings beyond remittances to an ecosystem of financial solution.
Speaking at the launch, Momodou Joof, APS Managing Director said the launch of the system seeks to better serve the most compelling Islamic laws [sharia] way.
“We have ensured that we build structures and system that makes it watertight for us to digress from our main course – sharia finance. A sharia board to regulate our total compliance to sharia principles in everything we do, a sharia department that works directly within the ambit of our day-to-day operations to proactively detect and fuse any chances of non-compliance from general business activities,” he said.
“Our way of delivering our vision is to nurture the economic wellbeing of middle and low-income earners through sustainable, equitable and transparent financial service solutions, driven by resourceful personnel using digital means that promote financial inclusion and alleviate social injustice and poverty,” Mr Joof added.
Dr Seeku AK Jaabi, Deputy Governor Central Bank of the Gambia said: “despite its name, the bank is not a religious product/service restricted to Muslims alone but a financial product and service developed to meet the requirements of specific group of investors.”
This Bank is based on the principle on the prohibition of Riba (interest), gambling and speculative trade while it encourages partnership and risk-sharing in contracts between financial institutions and their customers. Islamic Banking has emerged and evolved as a viable and competitive component of the overall financial system to drive growth and development throughout the world.”
“There are evidences which indicate that there has been significant growth in Islamic financial services in recent years and this expected to continue at a rapid pace. There are expanding demand for these products, and a closely associated desire on the part of banks, including non-Islamic Banks to provide Islamic financial services-issuance of Sukuk in Luxemburg and UK,” he said.
With the bank’s uniqueness, building conducive legal framework, human resources Capacity, challenges are of robust liquidity instrument, public education and awareness, campaigns are crucial to support its development, he said.
