Sunday, May 26, 2024

FDH Bank Plc introduces Malawi’s first Islamic Banking solutions 

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FDH Bank Plc on Tuesday launched ‘FDH Salama Banking Solution’ making it the first bank to adopt  Islamic banking services in Malawi.

In her remarks during the launch, the Bank’s chairperson Charity Mseka said the solution comprises Shariah-compliant products and services that will be managed separately through a special window from conventional banking.

“This introduction represents not just an expansion of services but a commitment to financial inclusivity and diversity. This milestone comes on the back of our new purpose as a Bank which is to provide easy access to financial solutions that enable our communities to grow with us and is anchored by the four pillars of our strategy namely Customer focus, Operational efficiency, People Development, and Innovation.”

“Islamic banking, rooted in principles of Sharia law, offers a unique approach that emphasizes fairness, transparency, and risk-sharing. It operates without the concept of interest, which Islam prohibits, instead focusing on profit-sharing and asset-backed transactions. This aligns closely with the values of many in our community who seek financial solutions that are lucrative,  ethical, and socially responsible,” said Mseka.

Mseka added that by embracing Islamic banking, FDH Bank Plc is opening doors to a broader range of financial opportunities for individuals and businesses signifying the Bank’s dedication to catering to the community’s diverse needs, regardless of religious or cultural background.

On his part, the Chairman of the Shariah Advisory Council to FDH Bank, Sheik Ibrahim Lethome Asmani urged the bank to implement measures to help Muslims understand how Islamic banking is executed.

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