Mozambique
Law 20/2020 on credit institutions (Article 224) provides for participatory (Islamic) finance, with the details to be set by a Council of Ministers decree. Banco de Moçambique consulted on a draft decree in 2025, but no approved decree and no operating Islamic bank or window were found.
Five checks
Banking rulesFound
Law 20/2020 of 31 December 2020 (LICSF), Article 224 'Finanças participativas', says participatory finance windows and operations, run directly by institutions or through windows, are set by Council of Ministers decree. Institutions doing this business must follow the Law and Banco de Moçambique directives. Banco de Moçambique put a draft decree on the legal regime for participatory finance to public consultation on 25 Feb 2025 and extended the deadline to 15 May 2025. No approved decree was found.
- “directamente pelas instituições ou através das janelas, são fixados por Decreto do Conselho de Ministros.”
Banco de Moçambique (hosted copy of Boletim da República text) · 2020-12-31 - “mostra-se necessário estabelecer normas que viabilizem a operacionalização dessas actividades”
Banco de Moçambique · 2025-02-25 - “The deadline for the public consultation on the draft Decree establishing the legal framework for participation finance has been extended until May 15, 2025.”
Banco de Moçambique · 2025-04-11 - “Mozambique does not have a standalone Islamic finance statute or a dedicated Sharia-compliant regulatory framework.”
Chambers and Partners · 2026 · secondary
Licensed banks and windowsNot checked
- Chambers and Partners · 2026 · secondary
- “The Mozambican Islamic Council proposed the creation of an Islamic bank in the country”
AMAN Alliance (Lusa wire) · 2026-06-24 · secondary
Sukuk issuedNot checked
- Chambers and Partners · 2026 · secondary
- “Sukuk et des actifs islamiques en général sur le marché mozambicain”
Financial Afrik · 2015-06-12 · secondary
Takaful (non-interest insurance)Not checked
Not properly checked. Web searches found no takaful rule or takaful insurer, and nothing linking the insurance supervisor (ISSM) to takaful, but the ISSM site was not read.
Capital market rulesNot checked
Not properly checked. No Islamic capital market rule was seen. A September 2026 Bolsa de Valores de Moçambique financing presentation covered only conventional shares, bonds and commercial paper (press report). The capital market rulebook was not read.
- AIM (Agência de Informação de Moçambique) · 2026-09-10 · secondary
Recent developments
- 2025-02-25Banco de Moçambique opened public consultation on a draft decree on participatory finance, covering dedicated institutions and windows in conventional banks. source
- 2025-04-11Consultation deadline extended to 15 May 2025. source
- 2026-06-24The Mozambican Islamic Council proposed an Islamic bank offering interest-free credit, during national dialogue consultations (Lusa). source
Still open
Points we could not confirm at source yet.
- Has the Council of Ministers approved the participatory finance decree after the May 2025 consultation? None found up to 14 Nov 2026.
- Takaful at ISSM and Islamic capital market rules not read directly.
Where we searched
- Banco de Moçambique (bancomoc.mz): LICSF Law 20/2020 text, Feb 2025 consultation notice and Apr 2025 extension notice (read 14 Nov 2026); web search for a Council of Ministers approval of the decree found none
- Bolsa de Valores de Moçambique: news coverage only (AIM)
- Insurance supervisor (ISSM): web searches only; site not read
- Secondary: Chambers Islamic Finance 2026 Mozambique chapter (read), Lusa via AMAN Alliance (read), Financial Afrik (read), Afronomicslaw