The Maldives

#Maldives launch first Islamic finance magazine: ‘Laaba’ to act as a platform to engage regional & global industry developments

Maldives Center for Islamic Finance (MCIF) has launched Laaba, the first publication in the archipelago dedicated to Islamic finance. The magazine aims to be the first platform in South Asia to bring together regional hubs with global partners in engaging knowledge and sharing ideas. The first issue has embraced the theme of responsible and ethical finance and how this is aligned with Islamic finance. Laaba also includes exclusive interviews with CEOs across Maldives financial institutions, including the Maldives Islamic Bank, Maldives Capital Markets Development Authority and Amana Takaful.

#Maldives spearheads growth of Islamic finance in South Asia

The Maldives is working towards enlarging its Islamic finance industry to diversify its economy away from tourism. The country aims to become an investment hub for South Asia and centre for the halal industry in the region. To that end, President Yameen Abdul Gayyoom’s government has developed a roadmap to expand Islamic financial services throughout the archipelago. Last year, the Ministry of Economic Development started offering Islamic microfinancing through the Bank of Maldives, and earlier in 2016, the government launched Hazana Maldives, a special-purpose vehicle for the further development of Islamic finance. It also created a Shariah advisory board and laid the regulatory framework for sukuk investment.

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