Bank of Zambia Governor Michael Gondwe having the light moment with Islamic Supreme Council President Suzgo Zimba during the launch of Islamic Finance guideline
Bank of Zambia Governor Michael Gondwe having the light moment with Islamic Supreme Council President Suzgo Zimba during the launch of Islamic Finance guideline

Bank of Zambia Governor, Dr Michael Gondwe, this morning officially launched the Islamic Finance Guidelines in Zambia at the Radisson Blu Hotel. Dr Michael Gondwe described the launch as a landmark achievement in the history of banking in Zambia.

He urged financial service providers to put in place appropriate programs and structures to build their capacity to provide high quality and Sharia compliant financial services in Zambia. Dr.Gondwe said this will play a complementary and supportive role to the effectiveness of the supervisory oversight of the central bank in this emerging area in our financial system.

Dr.Gondwe said in Islamic finance, a key consideration of the governance framework is to ensure strict adherence and compliance with the rules and principles of Sharia. I am aware that qualified Sharia scholars, who are a vital addition to the constitution of the corporate governance framework of institutions, may not be readily available. In this regard, there will be need to work with various interest groups in identifying such resources locally.

He said Islamic finance around the globe has attracted significant attention from financial sector policy makers.The Bank of Zambia embarked a process of developing a regulatory framework that would facilitate the introduction of Islamic finance in Zambia. The process involved extensive internal and external consultations with various stakeholders including Government. The framework was reviewed by the Islamic Financial Services Board, which is the standard setting body in matters of Islamic finance. Islamic finance is currently practiced in more than 50 countries worldwide. In many countries, Islamic finance co-exists with conventional finance and is not limited to Muslim countries. Islamic finance is set to continue growing at an annual rate of about 15%.

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80 COMMENTS

    • Islamique finance can be adopted by any country Muslim or not…it is just a way of accelerating development via increasing access to liquidity….it is actually a very positive move from BOZ

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    • Muslims are very clever no wonder the Germans are saying enough is enough with islamisation. We all know what Sharia law entails. A fruit doesn’t rot at once it rots slowly.First its a few muslim schools dotted around the country ,then orphanages- converting the future generation, then its your banks- controlling your money- next they will go for our women. Ever heard of a Christian bank in the middle east? BEWARE next we will have truck loads of suicide bombers.

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    • Surely PF is up to no good at all. How on earth do you mix Sharia laws and that of a christian nation? We have a country now having Islamic influence right at our door steps if not within our houses in the name of controlling and regulating our financial markets? PF we know you are going, but please don’t do this much damage for heavens’s good.

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    • ITs one of the best way of borrowing money low interest rates, instead of getting from mathani where you are likely to lose your house.

      it is about empowering people not milking the little they have.

      It is not all about making profits. Like the godfather of corruption mathani does.

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    • Ohh!!, am afraid the day is coming when muslims will overtake our beloved nation, our descendamts will cry out loud like the small christans in syria, they will force everyone to convert and they call christians unclean all because of cheap current politicians who dont think what will happen 200 years from now, they bring no love at all, am crying out loud, oh!! Lord!!!, is this the begining of the misery you said it will be all over the word in the end?, if so i leave everything in you hands, let your will be done.

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    • I guese most people in here are interpreting Sharia law as they hear it fom the cnn ,bbc and what not and obviously imagining this guy with a stuk of grenades laced to his body and about to pull the pin…

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    • Islam and muslims in general do not give free money for nothing.
      Once you accept the money, you have to spill more blood and be prepared to join jihad or ISIS. Very soon we shall see Muslims begin to encroach on our way of life as tolerant Christians.

      These loans will of course be only given to Muslims. If you are a non muslim then you will have to convert to Islam first before you can borrow the money.

      Where ever Islam has taken root there is blood shed. Is this what Zambians really want sure? Muslims know that Africans are very poor, and using soft power such as money many Zambians will be caught up in the web of lies and become Muslims and begin radicalisation.

      We told you Lungu is a Muslim and wants to put the Islamic agenda in the country in exchange for financial support…

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    • My question is , If Islmamic banking is that good, why are so many muslims in Islamic states suffering apart from those around the Gulf region.

      Why is not the only banking system in Islamic states like Saudi Arabia , Iran , Malasia and Pakistan?

      They have it here in the UK, its just for muslims. Non muslims can not borrow money or use it as their bank. Why?

      This is the new Jihad before the real bloody one sets in.

      Islam believes in spilling blood and more blood and no forgiveness as opposed to Christianity which believes in the blood of Jesus to practice forgiveness as opposed to Islamic vengeance.

      Vote Lungu is you want to be a muslim by force.

      Vote HH for better democratic Zambia.

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    • @Wanzelu some discussions indicate that he is catholic if so how long has he been a committed member and who is his priest , if on the other hand he is a Muslim could the clergy in Zambia educate the voters what impacts this would have on Zambia’s Christian heritage, covenant with God and declaration of Zambia being a Christian Nation.

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    • Any thing Islamic I don’t trust it at all until Islam starts to preach forgiveness and leave vengeance to God alone then I will begin to accept any thing Islamic.

      You only become a pure muslim if you kill for the sake of Allah which means you must spill blood and a lot of it.

      Zambians be ware, our traditional worship systems are far better than Islam which enslaves women and promotes class society and slavery.

      Slavery was started by Islamic countries in the early days. Thats why you find blacks minorities in the gulf regions like Iraq, Iran and some parts of Saudi Arabia. Even in India the black africans who are there taken as Islamic slaves.

      The major slave market in Zanzibar was run by Muslims who went around African chiefdoms raiding people and capturing them as slaves.

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    • @Vote righteously

      PF will strongly deny that Lungu is a muslim -yao(jaulege kumangunu) from malawi for political expediency because all they want to have him win and then take him out for a Northerner to rule.

      Thats why he wont be participating in todays’ debate to avoid answering a multitude of questions people about who Lungu is and what he believes in. He is also dodging questions about PF ‘s record in power.

      The only presidential debate he will accept is that organised by ZNBC and chaired by Katondo boys Mwamba.

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    • @ Wanzelu are there no committed Christians in PF to uphold righteousness and ensure that Islam is not given room in leadership if indeed this is true, may the Lord reveal the truth.

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    • What is going on? Islamic Finance here in Zambia. There is something fishy going on here. PF government are you sure about this step you have taken? This is worrying actually because we know how these guys operate.

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  1. Convert first then get a loan. Creeping in Sharia. They have their own banks for this why BOZ. Oh it’s a cash injection for them.

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    • Jacob Zuma is not a Muslim but there is Islamic banking laws in RSA. Please do not use ignorance to your advantage. Get an understanding of this banking law before you make comments

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    • It is worrying, given the high levels of poverty in Zambia, that the masses will convert to get money. Why did the PF govt agree to this?

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    • its mostly about getting loans and other forms of finance without interest,fr interest is considered as unfair and ‘unclean’….in economics,we say money has no value in itself but represents the value of the economy at large,so money cannot be created from itself via interest..
      Basically sharia law in finance banking guides on investment with a clean conscience…no suppressing each other here…

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    • To add to Cleos comment: There is also a pre-agreed sharing of the gain from investment; or losses. The banking system is well established. For those with access to academic journals, just read them and you will learn. Its a very fair way of doing business.

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    • Top Islamic scholars have not come to a consensus with regards to the cogent description provided by Cleo. The Islamic finance guidelines, although gaining wide and rapid acceptance, are still in experimental stages.

      Sharia Law, as it applies to the guidelines, has no negative rligious implications whatsoever. For those who lack knowledge on this matter, it is good for your health to appeal to your credulity than your uninformed skepticism.

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  2. They give loans without interets to fellow muslims. Thats how they convert you to their faith before they lace you with suicide bombs lol.

    Freemassions also give busines deals to each other thats how they convert you.

    Am very sure they the once a certain political party with red colors representing blood.

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    • @Kudos

      Thats what your PF -Lungu is planning to do to Zambia; turn it into an Islamic state and send fighters to fight for ISIS.

      Once he wins, you shall see alot of Mosques built at the expense of real development. Thats what the deal to accept Muslim funding entails. Bakili Muluzi accepted that muslim funding and was forces to build a lot of mosques in malawi. Thas the only legacy Muluzi left in Malawi.

      Is this what you really want? Zambia to be an Islamic state?

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    • @Wanzelu some discussions indicate that he is catholic if so how long has he been a committed member and who is his priest , if on the other hand he is a Muslim could the clergy in Zambia educate the voters what impacts this would have on Zambia’s Christian heritage, covenant with God and declaration of Zambia being a Christian Nation.

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    • Some discussions indicate that he is catholic if so how long has he been a committed member and who is his priest , if on the other hand he is a Muslim could the clergy in Zambia educate the voters what impacts this would have on Zambia’s Christian heritage, covenant with God and declaration of Zambia being a Christian Nation.

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  3. So we are to adhere to sharia financial compliance? I need more info on how this benefits the nation. To me sounds like a paradox to our tenets several charter agreements. Journalist give more info……. from the experts

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    • NO, I can speak about South Africa. South Africa has a large Moslem population but what was happening was that some Moslems were refusing to approach the banks for finance because of some wordings in the contracts which were in conflict with Islam. The normal contract refers to interest but Islam does not permit the charging of interest. There are 3 kinds of contracts you can enter into with a bank, Instalment Sales agreement, Lease and Rental Agreement. For Islamic Finance, we only use the Lease Agreements as the other 2 have wording which is in conflict with Islam. BUT how do banks make money? Simple we still charge interest, it is just that the wording on Islamic Finance contract has been changed from interest to something else. The rate under Islamic Finance is normally FIXED.

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  4. @Zuberi,

    it follows islamic laws, an example would be the methods of profit/loss sharing in order to facilitate financial transactions: for some types of loans, the borrower only needs to pay back the amount owed to the lender without interest, but the borrower can choose to pay the lender a small amount of money to serve as a gratuity.

    it basically follows Islamic laws/morals to the core such that investments like alcohol (EVL),pork, gambling etc are highly prohibited

    Chumbu Mulolwa
    Asp LT BB2015

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  5. I’m sure we dealt with Islamic and Jewish finances well before the arrival of the colonials who brought in former slave ship funders we have come to accept as standard high street banks. My point being… it’s just money. Make it fun and learn Mandarin. The language of trade is changing in our lifetime…

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  6. This matter is a serious one. Anything to do with sharia law is not accommodative in a Christian nation like Zambia. Can Iran accept to embrace Christian guidelines in banking regulations? We see the hostility by Islamic states in middle east and now we accept them in our system. Read a booklet entitled “Two Faces of Islam”. Muslims believe that one day everyone will be a Muslim. So they have to fuse in through education, economic, financial, political and other systems in order to convert people. This is so because through violence they cannot defeat the Christian world. This move by Gondwe is not welcome. What value does it add to Zambia? Who will benefit from it? These are the things the next President should change. Such matters should be tabled by parliament not individuals.

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    • The Western style Banks are exploiting you dunderhead. Feel free to continue slaving and handing over money to them.

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  7. These are mudderers just see how they are killing people in nigeria no day passes with out people dying , becareful in what you allow. Muslims have never been peaceful their god demands peoples blood

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  8. Gondwe, Gondwe, Gondwe!!!
    How much have you been given? This is not welcome at all. Sharia will curtail, not only Zambians freedom of expression, but yours as well (unless you are one of them).
    Who did you consult? Has this got the blessing of the parliament?
    It is another Boko Haram in Zambia, believe you me.

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  9. Why should we make doing business easier for these people? Anyway this is what happens when you have a muslim vying for state house.

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    • Some discussions indicate that he is catholic if so how long has he been a committed member and who is his priest , if on the other hand he is a Muslim could the clergy in Zambia educate the voters what impacts this would have on Zambia’s Christian heritage, covenant with God and declaration of Zambia being a Christian Nation.

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  10. This Islamic banking should also not be like an underground shadow backing system with current Create capacity for bank of Zambia Supervision to ensure proper monetary and control of flows not to affect the main banking system artificially

    As seen in developed countries the side effect in Islamic banking as conduits for illicit flows is quiet high and I should believe bank of Zambia should be officiating such

    Its a parallel banking system that affects negatively the norm accept for religion

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  11. Lock you daughters away! Boko haram has arrive. Convert or die. Look out for suicide bomber (if you can spot them) and run for dear life. Did the govt have any say in this or BOZ can do as it pleases? Someone educate me, please.

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    • Some discussions indicate that he is catholic if so how long has he been a committed member and who is his priest , if on the other hand he is a Muslim could the clergy in Zambia educate the voters what impacts this would have on Zambia’s Christian heritage, covenant with God and declaration of Zambia being a Christian Nation.

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  12. The example given else where is that if each religion established its own shadow banking system churches like the SDA Catholic Pente and Others what coas banking and monetary system it can bring

    Are other chances going to be disallowed

    Reverse and ban the shilalya law Its proven to be more problematic than the Chines :Rhamib: system let alone the Colombian and Russian shadow banking

    Reverse it Its not worthy it except for the members but long-term affects the financial integrity and fairness of the country including parallel and artificial affecting of trades in Forex and other with the so called fake Kamwala trades

    Suspend it

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  13. What little thought paid to it

    What is the difference between the Ponzi schemes by Zambia’s and this shilalya law Money will be now traded at mosques and in car boots as apposed in good financial centres of the world

    With little capacity and regulatory framework by Boz already in the traditional supervision, it will only work against the gains cemented without crystallising any meaningful benefits in liquidity and cost of capital

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  14. The fact is islam and christianity dont mix. Jesus law and muhammad law are 2 diffwrent laws.This is what happens when you get loans from Saudi Arabia now you can not pay. We zambians will lose this country to islam. They come slow like this in sheep skin yet the beast is inside.
    Sharia is defined as adhering to the law of Allah following the teaching of the Quran. Islam rejects the bible. How will zambia with a declaration of Jesus as Lord of the country in the Constitution change its beliefs to sharia? We are desperate for money today because of bad leaders who have wrecked this nation. Now we can get loans in exchange for anything.

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  15. This one is making no sense. Why should we have such a finance system under sharia. Please spare us from these killers. Cant you see that their intention is to penetrate Zambia through giving those loans to the Islam-converts? Please take these killers money else where and not Zambia. Why should there be a different finance system controlled by moslems? Please spare us from these killers before we start dying in numbers.

    Peace and Prosperity to Mother Zambia.

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    • @Truth Hates

      Thats PF-lungu’s grand plan for asking funding from Muslims.

      Islamic banking is just the beginning. Next it will mosques build every 10 km like what Bakili Muluzi did in Malawi.

      Well that what you want from PF -Lungu. He has got the money from muslims and he is now under pressure to deliver otherwise ISIS will come to Zambia to their money.

      They have told Lungu, to kill who ever will stand in his way to establish an Islamic Zambian State.

      If Sharia bank is not for profit, then, how the hell will the government be able to tax the non profit making bank .

      if you vote Lungu ,you are voting for an Islamic State and sharia law. Very soon you see public floggings and beheadings according to sharia law.

      Only HH means well for Zambia.

      Vote HH for a better…

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    • @ Wanzelu this is very serious if true. What advice do you have for the Christian clergy in Zambia if this is true.

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  16. Yahaa you have Judaism,Christianity and the muslim all have a form of underground financial system but this Muslim posses a risk

    Look at the concept of Mudaraba and murabaya in the “”lemon market theory”‘ and see the implication for Zambia

    Off course we know that Dubai and its oil proceeds has been growing as a major world Financial Centre for Islamic Banking though the principle outside Dubai has not been acceptable as a result only a back ground shadow banking has tended to evolve

    The Church of England as an Institutional investor invested within and traded within the banking system established over a trades worth GBP 14 billion why not the Muslims

    Market sustainability is…

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  17. The levels of illiteracy going by some of the above comments is worrying. How daft and stolid some comments are just for political expediency, pathetic! May Edgar Lungu win to exorcise illiteracy in this nation< Pabwato!

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  18. This is really worrisome! Couldn’t they find a system that has no words like Sharia. Oh mother Zambia, where to now? What could have brought in this desperation? Are we in a financial crisis to the level of bedding Sharia laws! I hope the next government will reverse this thing. We have enough brains to design our own systems.

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  19. In Zambian education system we learnt about the Arab and his camel. Lessons from that tale are clear. To day we are told BOZ launches Islamic banking finance GUIDELINES WITH SHALIA LAW. Alas! lets beware what sharia law entails, its brutal and savagely inimical to Zambian values of cutting off body limps, dehumanising women and labelling non Islam people infidels fit to die. That is what basic sharia law propounds its core concept.
    Will take on anyone who disputes with irrefutable evidence.
    We will come to reverse this move to which Zambians were not consulted.

    Thanks.

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  20. I expected to read ignorant christian extreme right wing views on this article but not to this bottomless pit level!. Why are so many people ignorant of Sharia banking!? Sharia banking is the most honest money saving for clients anywhere in the world. Western capitalistic way of banking keep you A**H*** in nkongole for a life time! read and understand instead of just ranting rubbish here. Do not expose your ignorance in public please!!!

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  21. We need that money kept in bedrooms by Muslims since they cant bank with our conventional banks as they don’t want interest added to their money. Let them bring this money and invest it in our country and also our people to obtain these loans on no interest . Otherwise keeping money in a safe home is no different from Money Laundering which is criminal. We need money to circulate.

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  22. When people tell you that Edgar Lungu is a Muslim you think they just

    hate him.

    Very soon you will hear Lungu declaring Zambia an Islamic Country.

    Edgar Muhammad lungu is a pure Muslims who has nothing to do

    with Christianity.

    Christianity is nothing to Edgar Lungu.

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    • HH IS THE ONE WHO IS NOT A CHRISTIAN.
      HE CLAIMS TO BE SDA BUT DOES NOT GO TO CHURCH ON SATURDAY. INSTEAD HE GOES TO OTHER CHURCHES ON SUNDAY.
      ALL THE SDAS THAT I KNOW BELIEVE IN HOLDING THE SABBATH HOLY. NOT EVEN COOKING IS PERMITTED ON THE SABBATH. YOUR HH HOLDS RALLIES ON SATURDAY. WHAT AN SDA.
      PLEASE SHOW US JUST ONE PICTURE OF HH IN AN SDA CHURCH.
      HH IS A FREE MASON. HH IS A DEVIL WORSHIPPER.

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    • Some discussions indicate that he is catholic if so how long has he been a committed member and who is his priest , if on the other hand he is a Muslim could the clergy in Zambia educate the voters what impacts this would have on Zambia’s Christian heritage, covenant with God and declaration of Zambia being a Christian Nation.

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  23. VERY DANGEROUS trend indeed. When those people bring bombs as part of their shariah thats when you will start crying.

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  24. People, all the major banks in South Africa have an Islamic Finance banking section. There is nothing sinister about Islamic finance. In the Islamic contract the word interest is removed. You can only do Lease agreements under Islamic Finance. You cannot do ISA or Rental agreement. Though I am catholic Christians I know how to prepare a contract under Islamic Finance.

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  25. Showing your ignorance in Public is the worst. Thing someone can do to themselves .if u don’t hv an idea of want people are saying or suggesting ask or better shut up.I Islamic finance is taught in colleges/universities world wide including zambia ,everyone who dd ACCA will tell u that its part of the course ,by da way while the world was busy crying abt da Recession countries who implemented this type of finance were unaffected is that not proof enuf, this conventional Banking simply steals frm da poor,Basically if u deposit money today for ur own ignorance sake da Bank gives da sem money to someone who wants to Borrow at a higher interest rate,da Bank makes money out of ur money n on top of that da charge u all sorts of charges to milk away all dat u hv invested in. Islamic finance…

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  26. No!!!!!!!!!!! As Zambians, PF, UPND, FDD, MMD etc. today let us March as one and go and protest against Godwe as BOZ governor. This is wrong. Alas you clowns even Australian engineer that saw that ***** gunman in Aussie last week will say nothing. One Zambia one nation.

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  27. This is very dangerous, am not supporting it at all. This initiative is probably aimed to finance ISIS activities. I will stay away from Radisson Blu Hotel because it has been used to host these dangerous activities outlawed by the international community.

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  28. …many times than not….most Christians feel a chilling sensation running down their spine when ever the term Islamic, Moslem is mentioned….
    ..as long as you are in the other camp, there is always a negative tag synonymous with the ‘opponent’ grouping..
    Christians associate Islam with violence just like other parties associate MMD with corruption…UPND with tribal…PF with violence and stealing etc yes… take it or leave it…
    ….the question is….are these perceptions real or delusions..??

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  29. @ Cleo, Rog..Sanchez and Victor

    Islamic finance guidelines under sharia law is alien to Zambian business. Sharia law is rooted in Islamic beliefs. Before Muhammad was born Islam nonexistent, in other words, the entire so called Islamic world was either following Judaism or worshiping idols or non worshipers. Muhammad used to go to Jerusalem to worship with his uncle who brought him up. Muhammad was exposed to the Torah (Old Testament book). Without going into details, when he later came to write the Quoran (Koran) it reflected what is written in the Old Testament of the Bible (read the Quoran and hear its interpretations). In the Bible conducting business wth interest on top is condemned, that’s what Islamic finance guidelines is what in part is under Sharia law.

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  30. continued… Sharia law is very barbaric and backwards. The Quoran came from the Bible and what the Quoran appear to condemn is already condemned in the Bible. Sharia law among other things discriminates Muslims and non Muslims. Recently, innocent people were murdered in Kenya and Nigeria on identification of being non Muslim. Murdered in an inhuman, cruel way for not being Muslim. That in part is what Sharia law is all about. We receive reports world over where non Muslim are treated under Sharia law inhumanly. In Islamic countries there is poverty and to claim this is an honest way of doing business does not was. Have attended business discussions in UK over this and is failing to prove a new source of business ventures.
    Sharia law certainly is not welcome to Zambia.

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  31. PChristian nation preamble – it is all rhetoric? . Who among our so called leaders are living or promoting true Christian values? Bishops, priests, church goers etc – none is admirable. So much hate in the country, so much alcohol, so much prostitution, so much divorces, so much lies, tainted and corrupt legal system, bribes in awarding contracts…….then boasting to be a christain nation? What a shame a country that has no morals….look at the dress code of young ladies all over night clubs , churches, shopping malls…..there’s nothing christain to boast about zambia.

    Shariah is strict and has laws to be followed.

    Preamble of constitution claims Christianity while promoting all other forms of worship to any god one chooses….total madness of a cursed nation.

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  32. There is always an implied cost to money be it Islamic or other its only the coining and face value to look for

    We need to look at the structure and sustain the current like others are promoting and ensure all others fall in
    There isn’t any meaningful difference in fees of Shariah-compliant and conventional products but capacity in Reporting, monetary and compliancy plus performance verification of those assets and products must be paramount
    Those who have implemented Islamic Finance have done so to tap in in the alternative source of Finance offered by not necessary cheap funds offered by pro Islamic institutions and individual investors but information asymmetry and monitory have always been…

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  33. Problem is that you will now need to learn the whole host:

    Islamic law and arbitration, Islamic Economics and Finance, Islamic Settlement and dealing,Performance reporting and management etc

    It becomes a parallel system all the way up until you have the Islamic……

    Its the understanding of the murabahah,sukuk and Takaful Its basically a shift from normal and conventional

    For those who want to read further which I feel is necessary to protect can explore and see the adverse implications of the pararell though liquidity and deeps needs have made countries fall for but many have realised and resolved to ensure pararell is countered by normal and avoided but made to work normal

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  34. ….uhhmmm, i smell a rat, ba BOZ, we do not need extremists being financed in through these systems you are busy putting in place!!! Zambia is a Christian Nation and we should act as such. Look what is happening in Northern Nigeria. We need to stop these funding schemes from this point on!!

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  35. western world will view zambains as terrorists…….suicide.. bombers.. is EL a Muslim….. is zambia still a christian nation….. PF… are have agreed to introduce a Sherial laws. let’s kick them out

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  36. Its simply put as ‘”rent-seeking Sharia “”arbitrage.” with the Riba being equivalent to conventional interest

    Though deep in liquidity and Assets from originating countries, thought has to be given to its complete approval

    Its near to some common schemes accept for the love of cheap money

    There has been reported difficulties there after in money laddering and illicit flows behind the Islamic Financing

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  37. Sharia banking, pliz dont bring boko haram, ISL, and others here. We dont want violent religions in Zambia Please

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