Nouakchott (IINA) – Secretary General of the counseling center for Islamic banking in Mauritania Khalid Ould Ahmedou has revealed that Islamic banks in the country controls 16 percent of the banking sector, despite short experience.

He said in a press statement:

“Fear of usury has pushed a lot of money out of the economy cycle and banking transactions,” he said.

Ahmedou revealed that only 10 percent of Mauritians are dealing with the banking system, saying that many Mauritanian sectors refrain from dealing with the banks for fear of getting involved in usurious operations.

The counseling center is independent body concerned with the provision of services to the banking institutions which are interested to convert to interest-free Islamic banking.

The center supervises over the transactions carried out by contracting banking institutions, and prepares periodic reports on the validity of their operations in terms of Islamic Sharia laws.