Professor Datuk Rifaat Ahmed Abdul Kareem, the former Secretary General of the Islamic Finance Service Board (IFSB) has said that Maldives would make a perfect hub for Islamic finance operations.
Speaking during ‘Fin Talk’ hosted by the Maldives Center for Islamic Finance (MCIF), he stated that Maldives has certain features that makes this country idyllic for as an Islamic Finance center, and that although Islamic Finance currently accounts for only one percent of the world’s economy, it is developing swiftly with more banks investing in the field every day.
Former CEO of Malaysia’s Standard Charter Bank, Afaq Khan, also noted the same and added that Maldives has the unique advantage of being a world-renowned name and that this could help develop Islamic finance as the country is such a coveted tourism destination.
MCIF’s chair Aishath Muneeza stated during the opening ceremony of ‘Fin Talk’ that the hard work the institute has been doing to develop Islamic finance in the Maldives was rewarded recently as Maldives was included in the ICD Thomson Reuters Islamic Finance Development report last year as one of 15 fastest progressing countries in Islamic Finance.
