CHAPTER 50 / 55 · Paid
Banking, digital, private and Islamic banking.
Follow four teaching modes under one Banking Act licence architecture. Not four Acts.
Approx. 20 min with exercisesLaw cut-off: 20 September 2026Our approach
By the end of this chapter
- Describe the shop in one paragraph from the first file on the desk.
- Decide the promoter’s next asks: which stay on this letter, which need another paper.
- Keep neighbouring permissions off this desk.
- Cite the enabling section and treat the licence letter as the book.
How this family is grouped
Follow four teaching modes under one Banking Act licence architecture. Not four Acts. Each code below is its own shop: a first file, a week, the asks that need a different paper, then the letter. A quieter label is not a thinner file.
BOM-BANK Banking business
Bank of Mauritius · BOM-BANK · Banking licence (teaching category: banking business)
1. Harbour Bank Ltd’s shop
Harbour Bank Ltd is the desk this chapter is for. Carry on banking business as defined in the Banking Act, under a banking licence granted by the Bank of Mauritius.
The first file on the desk is this. Harbour Bank Ltd will take deposits and make loans through branches in Port Louis. Banking Act banking licence — taught here as BOM-BANK.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a banking licence (teaching category: banking business) under Banking Act 2004, Sections 2, 5 and 7. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not digital, private or Islamic banking as separate statutes — those are other modes under the same Act. Not an FSC licence. Not NBDT.
Third, the assumptions stay in the file. Fictional bank. Cut-off 20 September 2026.
Banking Act 2004, Sections 2, 5 and 7. See the register note · Open the published text ↗.
2. A week with A full-service commercial bank
Monday. The promoter walks in with “A full-service commercial bank.” Write the facts before anyone names a code: Harbour Bank Ltd will take deposits and make loans through branches in Port Louis.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Carry on banking business as defined in the Banking Act, under a banking licence granted by the Bank of Mauritius.
Wednesday. They record what this permission is used for. Banking Act banking licence — taught here as BOM-BANK.
Thursday. They write what the letter does not cover. Not an FSC management licence. Not a digital-only bank merely because it has an app.
Friday. They lock the assumptions. Fictional bank. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what BOM-BANK is used for. The Act matters when Harbour Bank Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A full-service commercial bank
Harbour Bank Ltd will take deposits and make loans through branches in Port Louis.
Why it fits. Banking Act banking licence — taught here as BOM-BANK.
Different paper
The same promoter asks for digital
The slide says the BOM-BANK letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not an FSC management licence. Not a digital-only bank merely because it has an app.
Different paper
The same promoter asks for private or Islamic banking as separate statutes — those are other modes under the same Act. Not an FSC licence. Not NBDT
The slide says the BOM-BANK letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not an FSC management licence. Not a digital-only bank merely because it has an app.
| The promoter asks Harbour Bank Ltd to… | This licence? | Why |
|---|---|---|
| A full-service commercial bank | Yes | Banking Act banking licence — taught here as BOM-BANK. |
| The same promoter asks for digital | No | Keep the neighbouring paper off this desk. Not an FSC management licence. Not a digital-only bank merely because it has an app. |
| The same promoter asks for private or Islamic banking as separate statutes — those are other modes under the same Act. Not an FSC licence. Not NBDT | No | Keep the neighbouring paper off this desk. Not an FSC management licence. Not a digital-only bank merely because it has an app. |
4. Papers that sit beside this one
Not digital, private or Islamic banking as separate statutes — those are other modes under the same Act. Not an FSC licence. Not NBDT. Name the other desk when the work changes: digital; private or Islamic banking as separate statutes — those are other modes under the same Act. Not an FSC licence. Not NBDT.
- digital
- private or Islamic banking as separate statutes — those are other modes under the same Act. Not an FSC licence. Not NBDT
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A company incorporated under the Companies Act or a branch of a company incorporated abroad, licensed by the Bank. This is a course teaching category, not an official Bank of Mauritius licence code. Fees as at 1 July 2026: Prescribed non-refundable application fees are set by the Bank, not by the FSC GN 119 schedule. Status at cut-off: Teaching category for ordinary banking business under the Banking Act.
Who may hold it. A company incorporated under the Companies Act or a branch of a company incorporated abroad, licensed by the Bank. Course code BOM-BANK is not printed on the licence letter.
Published criteria. This is a course teaching category, not an official Bank of Mauritius licence code. Read the actual licence letter and the Banking Act or National Payment Systems Act provision that applies. Application form for a banking licence on the Bank’s site. Shell banks are prohibited; systems, AML/CFT and capital evidence belong in the pack.
Rules, codes and circulars. Bank guidelines and Banking Act conditions attach to the licence. FSC circulars do not licence a bank.
6. How to cite BOM-BANK
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-BANK Banking business |
| Legal nature | Banking licence (teaching category: banking business) |
| Enabling law | Banking Act 2004 · Sections 2, 5 and 7 |
| Fees as at 1 July 2026 | Prescribed non-refundable application fees are set by the Bank, not by the FSC GN 119 schedule. This course does not invent a rupee tariff. |
| Status at cut-off | Teaching category for ordinary banking business under the Banking Act. |
The structured library card keeps the same coordinates for search. Open BOM-BANK in the reference library.
Banking Act 2004 ↗Register noteBanking and payment-system legislation ↗Register noteBanking licence applications ↗Register note
BOM-DIGITAL Digital banking business
Bank of Mauritius · BOM-DIGITAL · Banking licence (teaching category: digital banking business)
1. PixelBank Ltd’s shop
PixelBank Ltd is the desk this chapter is for. Digital banking business means banking business carried on exclusively through digital means or electronically.
The first file on the desk is this. PixelBank Ltd will take deposits and lend only through an app, with no branches. Digital banking licence / BOM-DIGITAL teaching category, including the restricted phase.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a banking licence (teaching category: digital banking business) under Banking Act 2004, Sections 2, 5 and 7; Guideline for Digital Banks. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a separate Act. Not a BoM PSP. Not an FSC VASP. A private or Islamic bank may, with the Bank’s approval under section 52(1), carry on its licensed activities solely through digital means — that is not automatically this exclusive digital-bank category.
Third, the assumptions stay in the file. Fictional digital bank. Cut-off 20 September 2026.
Banking Act 2004, Sections 2, 5 and 7; Guideline for Digital Banks. See the register note · Open the published text ↗.
2. A week with An app-only bank
Monday. The promoter walks in with “An app-only bank.” Write the facts before anyone names a code: PixelBank Ltd will take deposits and lend only through an app, with no branches.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Digital banking business means banking business carried on exclusively through digital means or electronically.
Wednesday. They record what this permission is used for. Digital banking licence / BOM-DIGITAL teaching category, including the restricted phase.
Thursday. They write what the letter does not cover. Not a VASP. Not a PSP by offering a payment app that is actually banking.
Friday. They lock the assumptions. Fictional digital bank. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what BOM-DIGITAL is used for. The Act matters when PixelBank Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An app-only bank
PixelBank Ltd will take deposits and lend only through an app, with no branches.
Why it fits. Digital banking licence / BOM-DIGITAL teaching category, including the restricted phase.
Different paper
The same promoter asks for separate Act. Not a BoM PSP. Not an FSC VASP. A private or Islamic bank may
The slide says the BOM-DIGITAL letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not a VASP. Not a PSP by offering a payment app that is actually banking.
Different paper
The same promoter asks for with the Bank’s approval under section 52(1)
The slide says the BOM-DIGITAL letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not a VASP. Not a PSP by offering a payment app that is actually banking.
| The promoter asks PixelBank Ltd to… | This licence? | Why |
|---|---|---|
| An app-only bank | Yes | Digital banking licence / BOM-DIGITAL teaching category, including the restricted phase. |
| The same promoter asks for separate Act. Not a BoM PSP. Not an FSC VASP. A private or Islamic bank may | No | Keep the neighbouring paper off this desk. Not a VASP. Not a PSP by offering a payment app that is actually banking. |
| The same promoter asks for with the Bank’s approval under section 52(1) | No | Keep the neighbouring paper off this desk. Not a VASP. Not a PSP by offering a payment app that is actually banking. |
4. Papers that sit beside this one
Not a separate Act. Not a BoM PSP. Not an FSC VASP. A private or Islamic bank may, with the Bank’s approval under section 52(1), carry on its licensed activities solely through digital means — that is not automatically this exclusive digital-bank category. Name the other desk when the work changes: a separate Act. Not a BoM PSP. Not an FSC VASP. A private or Islamic bank may; with the Bank’s approval under section 52(1); carry on its licensed activities solely through digital means — that is not automatically this exclusive digital-bank category.
- a separate Act. Not a BoM PSP. Not an FSC VASP. A private or Islamic bank may
- with the Bank’s approval under section 52(1)
- carry on its licensed activities solely through digital means — that is not automatically this exclusive digital-bank category
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A body corporate applying for a digital banking licence. This is a course teaching category, not an official Bank of Mauritius licence code. Fees as at 1 July 2026: Bank-prescribed fees. Status at cut-off: Teaching category for exclusive digital banking business.
Who may hold it. A body corporate applying for a digital banking licence. Core banking and AML systems must be in place before operations, per the form.
Published criteria. This is a course teaching category, not an official Bank of Mauritius licence code. Read the actual licence letter and the Banking Act or National Payment Systems Act provision that applies. Digital-bank application form plus Guideline for Digital Banks (6 December 2021). Restricted-phase exit is a Bank satisfaction test, not a marketing date.
Rules, codes and circulars. Guideline for Digital Banks is the operational text beside the Act.
6. How to cite BOM-DIGITAL
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-DIGITAL Digital banking business |
| Legal nature | Banking licence (teaching category: digital banking business) |
| Enabling law | Banking Act 2004 · Sections 2, 5 and 7; Guideline for Digital Banks |
| Fees as at 1 July 2026 | Bank-prescribed fees. Not GN 119. |
| Status at cut-off | Teaching category for exclusive digital banking business. |
The structured library card keeps the same coordinates for search. Open BOM-DIGITAL in the reference library.
Banking Act 2004 ↗Register noteBanking and payment-system legislation ↗Register noteBanking licence applications ↗Register noteGuideline for Digital Banks ↗Register note
BOM-PRIVATE Private banking business
Bank of Mauritius · BOM-PRIVATE · Banking licence (teaching category: private banking business)
1. Cove Private Bank Ltd’s shop
Cove Private Bank Ltd is the desk this chapter is for. Private banking business is offering banking and financial services and products to high-net-worth customers, including an all-inclusive money-management relationship, as defined in the Act.
The first file on the desk is this. Cove Private Bank Ltd will serve HNW families with deposits, credit and investment booking inside a bank. Private banking mode / BOM-PRIVATE.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a banking licence (teaching category: private banking business) under Banking Act 2004, Sections 2, 5 and 7. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not FS-1.15/1.16, not FSA-79B, and not exclusive digital banking unless separately structured under the guideline/section 52(1).
Third, the assumptions stay in the file. Fictional bank. Cut-off 20 September 2026.
Banking Act 2004, Sections 2, 5 and 7. See the register note · Open the published text ↗.
2. A week with An exclusive private bank
Monday. The promoter walks in with “An exclusive private bank.” Write the facts before anyone names a code: Cove Private Bank Ltd will serve HNW families with deposits, credit and investment booking inside a bank.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Private banking business is offering banking and financial services and products to high-net-worth customers, including an all-inclusive money-management relationship, as defined in the Act.
Wednesday. They record what this permission is used for. Private banking mode / BOM-PRIVATE.
Thursday. They write what the letter does not cover. Not FS-1.16. Not a PWM section 79B licence.
Friday. They lock the assumptions. Fictional bank. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what BOM-PRIVATE is used for. The Act matters when Cove Private Bank Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An exclusive private bank
Cove Private Bank Ltd will serve HNW families with deposits, credit and investment booking inside a bank.
Why it fits. Private banking mode / BOM-PRIVATE.
Different paper
The same promoter asks for FS-1.15/1.16
The slide says the BOM-PRIVATE letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not FS-1.16. Not a PWM section 79B licence.
Different paper
The same promoter asks for FSA-79B
The slide says the BOM-PRIVATE letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not FS-1.16. Not a PWM section 79B licence.
| The promoter asks Cove Private Bank Ltd to… | This licence? | Why |
|---|---|---|
| An exclusive private bank | Yes | Private banking mode / BOM-PRIVATE. |
| The same promoter asks for FS-1.15/1.16 | No | Keep the neighbouring paper off this desk. Not FS-1.16. Not a PWM section 79B licence. |
| The same promoter asks for FSA-79B | No | Keep the neighbouring paper off this desk. Not FS-1.16. Not a PWM section 79B licence. |
4. Papers that sit beside this one
Not FS-1.15/1.16, not FSA-79B, and not exclusive digital banking unless separately structured under the guideline/section 52(1). Name the other desk when the work changes: FS-1.15/1.16; FSA-79B; exclusive digital banking unless separately structured under the guideline/section 52(1).
- FS-1.15/1.16
- FSA-79B
- exclusive digital banking unless separately structured under the guideline/section 52(1)
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A bank licensed for private banking business, including where the licence is exclusive private banking as the Act allows. This is a course teaching category, not an official Bank of Mauritius licence code. Fees as at 1 July 2026: Bank-prescribed fees. Status at cut-off: Teaching category for private banking business.
Who may hold it. A bank licensed for private banking business, including where the licence is exclusive private banking as the Act allows.
Published criteria. This is a course teaching category, not an official Bank of Mauritius licence code. Read the actual licence letter and the Banking Act or National Payment Systems Act provision that applies. Banking-licence application: tick the private-banking mode. HNW definition is a Bank/licence-condition fact, not an FSC family-office definition.
Rules, codes and circulars. Banking Act definitions control. Family Office Rules 2026 do not licence a private bank.
6. How to cite BOM-PRIVATE
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-PRIVATE Private banking business |
| Legal nature | Banking licence (teaching category: private banking business) |
| Enabling law | Banking Act 2004 · Sections 2, 5 and 7 |
| Fees as at 1 July 2026 | Bank-prescribed fees. Not GN 119. |
| Status at cut-off | Teaching category for private banking business. |
The structured library card keeps the same coordinates for search. Open BOM-PRIVATE in the reference library.
Banking Act 2004 ↗Register noteBanking and payment-system legislation ↗Register noteBanking licence applications ↗Register noteFinancial Services (Family Office) Rules 2026 ↗Register note
BOM-ISLAMIC Islamic banking business
Bank of Mauritius · BOM-ISLAMIC · Banking licence (teaching category: Islamic banking business)
1. Nur Bank Ltd’s shop
Nur Bank Ltd is the desk this chapter is for. Islamic banking business as a defined mode under the Banking Act.
The first file on the desk is this. Nur Bank Ltd will take deposits and finance assets on Sharia contracts only. Islamic banking mode / BOM-ISLAMIC.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a banking licence (teaching category: islamic banking business) under Banking Act 2004, Sections 2, 5 and 7. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a window inside a conventional bank without the licence facts, not an FSC licence, and not exclusive digital banking unless the section 52(1) digital-delivery approval is also on the file.
Third, the assumptions stay in the file. Fictional bank. Cut-off 20 September 2026.
Banking Act 2004, Sections 2, 5 and 7. See the register note · Open the published text ↗.
2. A week with An exclusive Islamic bank
Monday. The promoter walks in with “An exclusive Islamic bank.” Write the facts before anyone names a code: Nur Bank Ltd will take deposits and finance assets on Sharia contracts only.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Islamic banking business as a defined mode under the Banking Act.
Wednesday. They record what this permission is used for. Islamic banking mode / BOM-ISLAMIC.
Thursday. They write what the letter does not cover. Not FS-2.5 leasing as a substitute for Islamic financing, and not an FSC licence.
Friday. They lock the assumptions. Fictional bank. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what BOM-ISLAMIC is used for. The Act matters when Nur Bank Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
An exclusive Islamic bank
Nur Bank Ltd will take deposits and finance assets on Sharia contracts only.
Why it fits. Islamic banking mode / BOM-ISLAMIC.
Different paper
The same promoter asks for window inside a conventional bank without the licence facts
The slide says the BOM-ISLAMIC letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not FS-2.5 leasing as a substitute for Islamic financing, and not an FSC licence.
Different paper
The same promoter asks for an FSC licence
The slide says the BOM-ISLAMIC letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. Not FS-2.5 leasing as a substitute for Islamic financing, and not an FSC licence.
| The promoter asks Nur Bank Ltd to… | This licence? | Why |
|---|---|---|
| An exclusive Islamic bank | Yes | Islamic banking mode / BOM-ISLAMIC. |
| The same promoter asks for window inside a conventional bank without the licence facts | No | Keep the neighbouring paper off this desk. Not FS-2.5 leasing as a substitute for Islamic financing, and not an FSC licence. |
| The same promoter asks for an FSC licence | No | Keep the neighbouring paper off this desk. Not FS-2.5 leasing as a substitute for Islamic financing, and not an FSC licence. |
4. Papers that sit beside this one
Not a window inside a conventional bank without the licence facts, not an FSC licence, and not exclusive digital banking unless the section 52(1) digital-delivery approval is also on the file. Name the other desk when the work changes: a window inside a conventional bank without the licence facts; an FSC licence; exclusive digital banking unless the section 52(1) digital-delivery approval is also on the file.
- a window inside a conventional bank without the licence facts
- an FSC licence
- exclusive digital banking unless the section 52(1) digital-delivery approval is also on the file
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
A bank licensed for Islamic banking business, including exclusive Islamic banking where the Act allows. This is a course teaching category, not an official Bank of Mauritius licence code. Fees as at 1 July 2026: Bank-prescribed fees. Status at cut-off: Teaching category for Islamic banking business.
Who may hold it. A bank licensed for Islamic banking business, including exclusive Islamic banking where the Act allows.
Published criteria. This is a course teaching category, not an official Bank of Mauritius licence code. Read the actual licence letter and the Banking Act or National Payment Systems Act provision that applies. Application identifies Islamic banking business. Sharia governance is a Bank/guideline fact.
Rules, codes and circulars. Banking Act mode. FSC GN 119 does not tariff this.
6. How to cite BOM-ISLAMIC
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-ISLAMIC Islamic banking business |
| Legal nature | Banking licence (teaching category: Islamic banking business) |
| Enabling law | Banking Act 2004 · Sections 2, 5 and 7 |
| Fees as at 1 July 2026 | Bank-prescribed fees. Not GN 119. |
| Status at cut-off | Teaching category for Islamic banking business. |
The structured library card keeps the same coordinates for search. Open BOM-ISLAMIC in the reference library.
Banking Act 2004 ↗Register noteBanking and payment-system legislation ↗Register noteBanking licence applications ↗Register note
PAUSE & REFLECT
Check your understanding.
Three questions to make the ideas stick. Your score is saved on this browser; this is a learning exercise, not a qualification.
Follow the sources.
Each title opens the published text. The register note records the edition used for this course.
- FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗ All published category codes, fees, forms and licensing-criteria columns; consolidation as at 1 July 2026 · Register note
- Financial Services Act 2007 ↗ Sections 2, 14, 14A, 16–18, 25, 33, 71A, 72, 77, 77A, 77B, 77C, 78, 79A; Second Schedule Parts I–III; Fifth Schedule · Register note
- FSC licensing and fees amendment rules 2026 ↗ Rule 3 and replacement First Schedule; rule 4 commencement · Register note
- FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗ 1 July 2026 fee review; annual-fee due date 30 September 2026; FSCOne alternative arrangements · Register note
- FSC rules and regulations directory ↗ Consolidated licensing and fees rules; sector-specific rules including Securities (Licensing) Rules and Family Office Rules · Register note
- Banking Act 2004 ↗ Sections 2, 5, 7 and cash-dealer provisions; definitions of banking, digital, private and Islamic banking business · Register note
- Guideline for Digital Banks ↗ Application process; restricted phase; section 52(1) digital delivery for exclusive private or Islamic banks · Register note
- Banking licence applications ↗ Banking, digital banking and money-changer applications · Register note
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