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Islamic Council Seeks Creation of Islamic Bank to Provide Interest-Free Credit

Islamic Council Seeks Creation of Islamic Bank to Provide Interest-Free Credit

The Islamic Council of Mozambique has proposed the creation of an Islamic bank in the country that will provide access to interest-free credit and allow Mozambique to better capitalize on the benefits of its participation in international Islamic organizations.

The proposal was presented on Tuesday, June 23, by the institution’s representative, Daude Ibramogy, during consultations organized by the Technical Commission for Inclusive National Dialogue (COTE), which precede public hearings on proposals for reforming the state and Mozambican legislation.

“Mozambique is a member of the Organization of Islamic Cooperation. It doesn’t make much sense for the member itself not to be taking advantage of other benefits,” he said, noting that an Islamic bank would pave the way for “interest-free loans.”

In addition to the bank, Ibramogy advocated for the legalization of polygamy, arguing that the absence of a legal framework undermines the rights of women involved in such unions, particularly in matters related to social and property protection.

“Even women are concerned about the legalization of polygamy. I think it’s really a matter of justice, not a favor,” he said, adding that the issue should be analyzed from a social perspective rather than an individual one.

According to Lusa, the proposals are part of the consultation process for the inclusive national dialogue, which entered the public hearing phase on June 22 with the presentation of three scenarios developed based on contributions gathered throughout the country and from the diaspora.

According to Cote President Edson Macuácua, this stage aims to gather citizens’ views on the scenarios under discussion, in a process designed to build consensus on issues such as constitutional revision, the electoral system, decentralization, and national reconciliation.

COTE was established in 2025 as part of the agreement for the pacification of Mozambique, reached following the post-election crisis, and has a two-year mandate to present proposals on state reform, including constitutional revision, national reconciliation, governmental decentralization, and the establishment of non-partisan security forces.

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