Omar Mitha, chairman of Banco Nacional de Investimentos (BNI) and Mozambican economist, has argued that Islamic finance establishes a direct link between economic activity, ethics, and social responsibility, grounded in "risk sharing, transparency, and the deployment of capital in productive activities."
Mitha made the remarks on Thursday, 24 September, in Maputo, during the launch of the book Introdução às Finanças Islâmicas: Princípios, Contratos e Modelos de Intermediação (Introduction to Islamic Finance: Principles, Contracts and Intermediation Models), authored by Janfar Abdulai and Carino Modan, at which he served as presenter.
In his address, Mitha explained that the model seeks to bring together the material and spiritual dimensions of economic activity, placing ethics at the centre of financial relations. According to the economist, one of the defining features of Islamic finance is the prohibition of riba — the charging or payment of predetermined interest. "In other words, we have a connection between material and spiritual life. The two things are joined. The goal is an ethical, solidarity-based, and productive economy. There is an absolute prohibition on the payment or receipt of any predetermined and guaranteed rate of return," he said, adding that returns must be tied to the performance of an economic activity rather than the mere passage of time.
Mitha also referenced the prohibition of gharar, relating to excessive uncertainty in transactions, and maisir, associated with gambling and speculation. In his view, these rules are designed to ensure that financial operations correspond to real assets and activities. "These prohibitions have a positive orientation, in the sense of generating real assets, sharing risk, and promoting economic development," he said.
The economist rejected the notion that interest-free banking is a mechanism intended exclusively for Muslim populations. "Interest-free banking is not only for Muslims — it is for everyone. These principles of Islamic finance can encompass not only banking, but also capital markets and the financial system as a whole," he stated.
Mitha explained that under this model, money should not generate returns simply by remaining invested over a given period. "It must be associated with a productive investment in the real sector; there must be assets, there must be visibility between the money and where it is applied," he said. For the economist, this logic seeks to reduce opacity between those who provide capital and those who deploy it.
"How do we ensure that Sharia supervision does not become merely a technical control mechanism, but remains a source of continuous ethical and spiritual guidance?"
Omar Mitha, Chairman, Banco Nacional de Investimentos (BNI)
On Mozambique specifically, Mitha highlighted the openness of the country's regulatory framework to the introduction of financial products compatible with Sharia principles, arguing that this could allow new participants to enter the financial system. The expectation, he explained, is that individuals who avoid interest-based products could find alternatives for placing their savings or participating in investments.
Implementing the model will, however, require dedicated supervisory structures and training. Mitha pointed to the need for Sharia supervisory boards composed of experts in Islamic jurisprudence combined with knowledge of economics and finance, capable of monitoring operational compliance. "How do we ensure that Sharia supervision does not become merely a technical control mechanism, but remains a source of continuous ethical and spiritual guidance?" he asked.
During his presentation, Mitha also highlighted various instruments and contracts examined in the book, including Murabaha, Mudaraba, Musharaka, Ijara, Takaful, and Sukuk. These mechanisms, he explained, represent different forms of financing, partnership, leasing, mutual protection, and investment, with risks and returns distributed among the parties involved.
Among the instruments discussed, Mitha gave particular attention to Sukuk — financial securities linked to real assets such as infrastructure and energy projects. "Unlike conventional bonds, Sukuk do not constitute a debt but rather a right over an underlying asset," he explained, underscoring the connection between investor returns and the performance of the financed asset or project.
Mitha also cautioned that the introduction of more complex financial instruments requires careful study, particularly regarding transparency, valuation, and risk management. In his view, international experience shows that financial mechanisms lacking adequate understanding of underlying assets can generate risks for investors and for the system as a whole.
The book Introdução às Finanças Islâmicas: Princípios, Contratos e Modelos de Intermediação aims to present the foundations, contracts, products, and supervisory mechanisms of Islamic finance, with particular attention to the Mozambican context.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/25/economia/financas/pca-do-bni-defende-financas-islamicas-enquanto-modelo-baseado-na-partilha-de-riscos-e-no-investimento-produtivo/
