Pioneering Islamic Finance in Mauritius since 1998.
📍 Operating across 4 Regional Offices
👥 Serving 4000+ Members
💼 Offering Halal Financial Solutions
🌱 Guided by Faith, Fairness & Mutual Benefit
💰 Built on Trust, Transparency & Member Participation In the name of God, the Beneficent, the Merciful
“Cooperate with all in what is good and pious and do not cooperate in what is sinful and wicked…” (Q-
5:2)
The AL BARAKAH Multi-purpose Co-operative Society Limited was formed in 1998 by some members of the Muslim Community who are ever conscious of the system of interest which is not according to their faith. in Islamic Banking & Insurance from the Institute of Islamic Banking & Insurance (London)], was to provide an alternative to those who wanted to avoid the existing interest-based financial institutions, provide Sharia’h-compliant investment opportunities and contribute in a halal way to the overall development of the Mauritian economy. After studying the legal framework of the financial institutions and forms of business organizations in Mauritius, it was found that it was possible to set up a Credit Union under the Co-operative Societies Act and at the same time, it could be Sharia’h-compliant. Thus we saw the emergence of AL BARAKAH MCSL, which was registered on 10th June 1998 under the Co-operative Societies Act 1976/Co-operatives Act 2005. AL BARAKAH MCSL operates under the Co-operatives Act 2005 (Amended 2006), within the framework of its rules and regulations and in compliance with Islamic Financial Laws. AL BARAKAH MCSL has been pioneering the concept of Islamic Finance through the Cooperative sector and providing Islamic Financial services to the Ummah in Mauritius. AL BARAKAH MCSL has membership all over the island. At present it has 3000+ members/shareholders. We have been creating awareness about Islamic Finance through our Cooperative and educating the population at large by organizing lectures, talks, seminars, workshops and public conferences. We organized the First National Seminar on Islamic Finance on 9th December 2004 at the National Institute of Cooperative Entrepreneurship (NICE)-formerly known as the National Co-operative Training Center. Our first Conference on Islamic Finance took place on 30 & 31 August 2007. In addition, as strategic partner with AL HUDA CIBE (www.alhudacibe.com) of Pakistan, ABMCSL organised an International Conference on Islamic Banking & Finance on 05 & 06 April 2011. ABMCSL has been projected as a model of an Islamic Financial Cooperative at International level at various conferences and seminars in Trinidad & Tobago, India, Pakistan, Malaysia and South Africa. Following our experiences and progress and growth, we wish to bring AL BARAKAH to new heights, create awareness about Islamic Finance concepts and how it can be implemented through Cooperatives at national and global level. Financial institutions in South Africa and Pakistan have shown interest in implementing this model of Islamic Finance. AL BARAKAH is working for the establishment of Islamic Finance through Cooperatives which can contribute to the overall economic development of the economy and the welfare of the nation.
