Islamic Banking Framework

The Central Bank has developed a framework for supervision of Islamic Banking in Zambia.Islamic Banking is a system which offers interest free loans to customers.Central Bank Governor Caleb Fundanga says the Bank has also trained staff in Islamic banking.Dr. Fundanga says is also still waiting for the private sector to come forth and apply to establish an Islamic Bank in Zambia.

He told ZNBC Business News that BOZ will consider applications made by the private sector to establish Islamic banking in Zambia.

Zambia: Islamic banking framework

Dr. Fundanga is hopeful that once the bank is set up, it will reduce the cost of borrowing in Zambia.

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