A spindle for Islamic finance institutions
Maldives is a 100% Muslim country situated in the Indian ocean. The country is a famous tourist destination. The economy of the country heavily depends on tourism. The growth of Islamic finance in the country is fast though the initial development was slow. 2014 is a remarkable year for the growth of Islamic finance in the country as numerous initiatives to develop and sustain Islamic finance took place. New players considered coming into the market and existing players played hard to dominate the market. The main focus of the year was to develop a talent pool required for the sustainability of Islamic finance in the country and also to develop a comprehensive legal and regulatory framework for Islamic banking and takaful by the central bank, Maldives Monetary Authority, in affiliation with IDB and Islamic Shariah and Research Academy (ISRA), Malaysia. The introduction of the Halal logo of Maldives marked the tapping into the Halal industry as well. The revival of waqf via Islamic finance mechanisms was initiated too. All these developments made 2014 a very fruitful year for Islamic finance in the Maldives and creates new hope for 2015.
Maldives , Islamic finance , Islamic banking , Takaful , Waqf
Muneeza, A. (2015). A spindle for Islamic finance institutions. Islamic Finance News Annual Guide 2015 (13 March 2015), p. 94.