Since an ailing bank which has an international presence may have cross-border implications, it is necessary that proper safeguards are provided in the law to address cross-border issues. In line with these measures abroad, we have informed MOFED of our decision to come forward with proposals for changes to the Banking Act 2004 to provide for an effective bank resolution mechanism for Mauritius.
Click here to return to main document 26.1 Islamic banking products – On hold? The Public Debt Management Act 2008 amended the legislative framework to enlarge the scope of Government securities to include the issue of Sukuk bonds in Mauritius. Whilst this legislative amendment provides the Bank with the power to issue Sharia-compliant instruments, this project has not come to fruition yet.