The Mauritius Financial Services Commission has appointed Rajesh Ramloll as its new chairman, effective 30 May.

The Mauritius Financial Services Commission has appointed Rajesh Ramloll as its new chairman, effective 30 May.

He replaces Marc Hein, who steps down after two years to concentrate on his legal career and his family, the commission said in a statement.

Ramloll is currently assistant solicitor general at the attorney general’s chambers and the current president of the International Fiscal Association, Mauritius branch.

He acts regularly for the Mauritius revenue authority before the supreme court in Mauritius and he is on the judicial committee of the privy council, and for the last ten years has been involved in tax treaty negotiations. He also regularly advises the government on legal aspects of financial matters. 

Earlier this month, Ramloll and Luc Clement Stephen were appointed members of the Mauritius Financial Services Commission, replacing Sanjay Gopaul and Oliver Lew Kew Lin.

In other news, the Bank of Mauritius recently granted licences to two new private banks as part of its plan to expand banking activities in Mauritius.

Warwyck Private Bank and Banque Richemount Limited are the first two stand-alone banks to be licensed in Mauritius, bringing the total number of banks on the island up to 23, of which three are specialised banks operating in the areas of Islamic banking and private banking.

The Mauritius central bank governor, Rundheersingh Bheenick, recently criticised delays in the island's efforts to develop Islamic finance.

In an annual letter to stakeholders, the governor said that increased legislation, along with the financial tools such as Islamic bonds, were needed to help boost the island's financial industry.

The Bank of Mauritius started moving away from the universal banking model when the law was amended in December 2007 to provide an enabling framework for the implementation of Islamic banking in Mauritius.

The first Islamic banking licence was issued in October 2009. In December 2010, the Banking Act 2004 was amended to broaden the range of banking activities and encourage banks to carry on specialised lines of banking activities.