A delegation from the Maldives, consisting of Minister of Finance Dr. Mohamed Shafeeq, and Minister of Islamic Affairs Dr. Mohamed Shaheem Ali Saeed, recently participated in discussions at the Islamic Development Bank (ISDB) Annual Meetings 2024 in Riyadh, Saudi Arabia.
The delegation met with Dr. Hiba Ahmed, Director General of the Islamic Solidarity Fund for Development (ISFD), to explore opportunities for collaboration and investment in the Maldives.
The discussion focused on how ISFD can catalyse islamic finance in social sectors in the Maldives. The potential for collaboration in the development of the Maldives @ZakatHouseMv and awqaf investments were also explored. (2/2)#IsDB50 #IsDBAM2024 pic.twitter.com/MyLEzbkhIZ
— Ministry of Finance (@MoFmv) April 27, 2024
The meeting, held in conjunction with the 50th anniversary of ISDB, highlighted the significance of partnerships in promoting sustainable development, particularly in Islamic finance. The parties discussed how ISFD could play a vital role in supporting Islamic finance initiatives within social sectors in the Maldives.
The discussions mainly focused on potential collaborations between ISFD and Maldives’ institutions, such as the Maldives Zakat House, and investments in awqaf (religious endowments).
Both parties expressed their keen interest in using Islamic finance mechanisms to address socio-economic challenges and enhance community development in the Maldives.
