Maldives proved that nothing is impossible
The Maldives is a 100% Muslim nation where Islamic finance is emerging as a proxy to the existing conventional system which has been in the country from an immemorial time. The first form of Islamic finance that was adopted in the country was Takaful. In 2003, the first Takaful company was established in the country under a conventional insurance license. In 2011 only, Islamic banking and Islamic capital market services were introduced to the country. Since then Islamic finance in the country has been spreading like wild-fire. The government has also realized the importance of Islamic finance in resolving economic and financial problems. As such Islamic finance has been considered as an integral part in the development of nation and the evergreen future of Islamic finance is evident in the country now.
Maldives , Islamic finance
Muneeza, A. (2014). Maldives proved that nothing is impossible. Islamic Finance News, (February 2014), p. 56.