IslamicFinance.de

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.