The Islamic Banking and Finance Institute Malaysia (IBFIM)

First Islamic bank in the Maldives

The Islamic Banking and Finance Institute Malaysia (IBFIM) has joined forces with Maldives Islamic Bank to set up the first Islamic bank in Maldives, which aims to be operational next January.
Both parties signed a memorandum of agreement (MoA) yesterday at the Global Islamic Finance Forum.
The MoA will bind both parties to co-develop Islamic finance in the Maldives through an extensive study of Maldives’ legal and banking framework to create a harmonised environment for the growth of Islamic finance.
The signing ceremony was witnessed by Bank Negara deputy governor Datuk Mohd Razif Abd Kadir and IBFIM chairman Datuk Seri Zukri Samat.

IBFIM In Pact To Set Up First Islamic Bank In Maldives

The Islamic Banking and Finance Institute Malaysia (IBFIM) and the Maldives Islamic Bank will sign a Memorandum of Agreement (MoA) to set up the first Islamic bank in Maldives and to develop Maldives Islamic Bank Shariah-compliant banking products. The MoA, among others, will bind both parties to co-develop Islamic finance in Maldives through extensive study of Maldives legal and banking framework to create a harmonise environment for the growth of Islamic finance.
The MoA will be sign by Maldives Islamic Bank s Chairman, Mr. Khalid Khaled Al-Aboodi and IBFIM s Chief Executive Officer, YBhg. Dato Dr. Adnan Alias and witnessed by YBhg. Dato Mohd Razif Abd Kadir, Deputy Governor of Bank Negara Malaysia and YBhg. Dato Sri Zukri Samat, Chairman of IBFIM during the Global Islamic Finance Forum (GIFF) in Kuala Lumpur.

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