Central Bank of Mauritania Releases Details on Digital Currency and Islamic Finance

The Central Bank of Mauritania is taking a significant step towards modernizing its financial system. The bank has released details on its digital currency, which will be called the "MRO".

This digital currency will allow for faster and more secure transactions, making it easier for people to conduct business and access financial services.

The Central Bank of Mauritania has also announced plans to introduce Islamic finance products and services. This is a significant development for the country, as it will provide more options for people who follow Islamic principles.

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Digital Currency and Islamic Finance is a growing trend, especially in countries with a strong Islamic banking presence. The Central Bank of Mauritania has taken steps to explore the possibility of introducing a digital currency.

The concept of digital currency is particularly appealing in Islamic finance, as it can reduce the need for physical currency and minimize the risk of fraud and money laundering. This aligns with the principles of Islamic finance, which emphasizes transparency and fairness.

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Giesecke+Devrient (G+D), a global SecurityTech company, has partnered with the Central Bank of Mauritania to design a digital currency, known as the Mauritanian Ouguiya. The digital currency is intended to complement cash and promote financial participation among the population.

The Central Bank of Mauritania has strategically positioned itself for the potential launch of a digital currency. This is part of the country's national development strategy to support its digital transformation.

G+D will support the central bank in defining the requirements for a national CBDC and deliver the technical solution for initial testing of defined uses cases. The company has a 50-year business relationship with the Mauritanian central bank and is honored to be able to support them in this context.

G+D is a global company with a workforce of over 14,000 employees and a turnover of 3 billion euros in the fiscal year 2023.

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The IsDB Institute signed an Islamic Finance Technical Assistance Agreement with the Central Bank of Mauritania on April 28, 2024.

This agreement aims to enhance Mauritania's Islamic banking regulatory and supervisory framework to enable an environment conducive to the growth of the Islamic banking industry.

The grant agreement was signed by Dr. Sami Al-Suwailem, Acting Director General of the Institute, and H.E. Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania.

The IsDB Institute is pleased to support Mauritania in developing its Islamic banking industry, as stated by Dr. Sami Al-Suwailem.

The IsDB Institute is the knowledge beacon of the Islamic Development Bank Group, guided by the principles of Islamic economics and finance.

The Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries.

The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management.

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