Industry Article : [131]

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Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 131
  • prosperous_year_Islamic_capital_market_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • The Maldives is a small island nation with a 100% Muslim population. The country witnessed the first form of Islamic finance with the incorporation of Amana Takaful Maldives in 2003 and the first fully-fledged Islamic bank was established in 2011. As the Maldives marked the 15th anniversary of Islamic finance in the country, it gave the opportunity for the citizens of the country to appreciate the industry and widen its scope to tap into the halal industry via Islamic tourism and halal certification.

  • time_make_hay_future_bright_sunny_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2015)

  • Maldives is a famous tourist destination that is unique not only geographically, but it is also a 100% Muslim country that has a homogenous language and culture across the whole country that consists of 1,190 small islands. Though the economy and the financial landscape of the country is predominated by conventional financing methods and ideas, since the formation of the first Islamic bank of the country, Maldives Islamic Bank in 2011, the development of Islamic finance has grown exponentially. Since then, the country has witnessed a rapid and remarkable growth in Islamic finance that is worth studying. The year 2015 can be considered as a significant year that has brought the import...

  • Maldives_Islamic_bank_performs_well_financially_last_quarter_2019_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • Maldives Islamic Bank (MIB) has achieved strong and healthy financial results for the final quarter of 2019 with a net profit of MVR25.6 million (US$1.63 million) which is an increase in profit of 13.8% from the third quarter of 2019, according to its press release on the 30th January 2020.

  • zakat_funds_moratorium_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • On the 22nd April 2020, the Ministry of Islamic Affairs of the Republic of Maldives announced that MVR1 million (US$63,895.8) will be allocated from Zakat funds to be given to the needy and poor aff ected by COVID-19. According to the World Bank, the Maldives is a middle-income country with GDP per capita of US$10,331 (2018). The Ministry of Gender and Family will receive the MVR1 million to help those affected. Before this, about MVR3 million (US$191,687) was spent by the Ministry of Islamic Affairs for Maldivians stranded in other countries due to lockdowns.

  • 2nd_maldives_Islamic_banking_finance_conference_emphasizes_importance_establishing_Islamic_center_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2015)

  • The 2nd Maldives Islamic Banking and Finance (MIBFI) Conference has acted as a forum where the Islamic banking and finance fraternity converge to discuss a plethora of issues. While the local players took center stage, the participation of foreign delegates complemented the Maldivian participants in engaging one another in discussions relating to the future prospects of the Islamic banking and finance industry in Maldives and beyond. This year's theme of the conference was 'Creating a center of Islamic Finance'.

  • it_is_time_zakat_organizations_India_press_zakat_activation_button_provide_economic_social_relief_COVID-19_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • COVID-19 began as a health crisis and now has led to an economic crisis. There is a sudden surge in the number of poor and needy who has become unemployed over night without any prior warning and who has no way to find an alternative work as the whole country is locked down to protect from widespread of the disease in the local communities. This is the situation in the whole world today and India is no exception to this. As Purohit in this April 2020 has reported in Aljazeera: millions in underdeveloped regions face penury and deprivation as economic activity grinds to a halt due to lockdown. An example to further describe this issue at an individual is described by Purohit as follows...

  • Islamic_microfinance_scheme_Maldives_faseyhamadadhu_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Though there are seven commercial banks operating in the country, there is no financial institution that is specialized in Islamic microfinance. However, funds received as foreign aid have been disbursed through the Bank of Maldives (BoM), the national bank as it is required by law to disburse such funds through a bank. The starting point that led to the formal existence of microfinance in the country is the enactment of the Small and Medium Enterprises (SME) Act (Law No. 6/2013) in 2013. The objective of this law was to help reduce poverty and related vulnerabilities as well as making the sector broad-based, innovative, resilient and internationally competitive. The enactment of this...

  • combining_concept_waqf_Islamic_tourism_create_sustainable_fund_alleviate_poverty_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • The term universality has many meanings. The Webster Dictionary defines the term as: "of or pertaining to the universe; extending to, including, or affecting, the whole number, quantity, or space; unlimited; general; all-reaching; all-pervading; as, universal ruin; universal good; universal benevolence or benefice." For the purpose of this article, the meaning of universal would be restricted to 'unlimited', 'general', 'all-reaching', and 'all pervading only. The objective of this new concept proposed is to ensure that the universality aspect of Islamic finance is reflected in one concept using different mechanisms used in it. The government of the Maldives, via the Maldives Center fo...

  • IRTI_organizes_international_workshop_Maldives_Islamic_monetary_economics_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • On the 1st and 2nd November 2017, the Islamic Research and Training Institute (IRTI) in collaboration with the Maldives Center for Islamic Finance (MCIF) organized an international workshop with the theme 'Islamic Monetary Economics and Institutions: Theory and Practice', inaugurated by Dr Mohamed Shainy, the minister of fisheries and agriculture, with participants from eight different countries.

  • MIBFI_conference_2019_focuses_Islamic_social_finance_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The 6th Maldives Islamic Banking and Finance Industry (MIBFI) Conference organized by Uto Edu Consult in association with Women on Boards, Maldives was successfully held on the 17th September 2019 at the Islamic University of Maldives, themed 'Sustainable Development through Islamic Social Finance'. This is an important theme for the Maldives as national level targets have been set to achieve the UN's Sustainable Development Goals.

  • oversubscription_MIB_shares_HDFC_issues_third_corporate_sukuk_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Maldives Islamic Bank (MIB) has announced that its IPO of shares was successfully oversubscribed. A total of 6.98 million shares - 31% of the total number of shares - were open for the public and the price per share was MVR35 (US$2.24) of which the total will amount to MVR244.13 million (US$15.61 million). At the moment, the board of MIB is enacting a regulation to distribute shares to shareholders in a fair manner, giving preference to retail investors in accordance to what was mentioned in the prospectus.

  • Maldives_seeks_technical_assistance_develop_maldives_center_Islamic_finance_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • On the 24th April 2016, Abdulla Jihad, the minister of finance and treasury of the Republic of Maldives, visited the capital of Malaysia, Kuala Lumpur, with a delegation on an official trip to seek technical assistance to develop the newly established Maldives Center for Islamic finance, an entity that was established with the objective of strategizing and promoting Maldives as the hub for Islamic finance and the halal industry in South Asia.

  • bank_Maldives_introduces_Islamic_deposit_account_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • A new Islamic deposit account, the Wadiah Business Account, has been introduced by BML Islamic, the Islamic finance arm of the Bank of Maldives (BML) on the 7th December 2015. The tagline used in the introduction of this type of account is: The Shariah compliant current account facility for your business. This newly introduced account is not merely an account with a current account facility but it provides added services such as instant and secure internet banking and professional support through the BML Islamic Advice Center for more advanced Islamic banking-related advisory services.

  • Maldives_center_Islamic_finance_position_Maldives_Islamic_finance_halal_industry_hub_south_asia_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • On the 27th March 2016, at a news conference held at the Ministry of Finance and Treasury, the minister of finance and treasury of Maldives, Abdullah Jihad, announced the formation of the Maldives Center for Islamic Finance that will work toward positioning Maldives as the hub for Islamic finance and the Halal industry in South Asia. The five-year strategic business plan was also inaugurated at the same time.

  • dawn_Islamic_tourism_there_will_there_way_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Tourism is the lifeline and the golden goose of the economy of the Maldives, the number one honeymoon destination in the world. Tourism is a sector that has shown progressive growth in the country and the largest contribution to the GDP of the country comes from this sector, proving that tourism is the most profitable sector in the country to be invested in. However, although the Maldives is a 100% Muslim nation, the country is alien to the concept of Islamic tourism. With the rapid development of the Islamic finance industry in the country, the urge to test the practical applicability of Islamic tourism in the Maldives has grown. The year 2016 has proved that Islamic finance is here ...

  • spindle_Islamic_finance_institutions_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2015)

  • 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 fra...

  • litus_automobiles_company_introduces_ijarah_thumma_naqlul_milkiyya_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Litus Automobiles Company, a private company in Maldives specializing in the hire purchase of motor vehicles, on the 3rd May 2016 introduced Islamic hire purchase based on the Shariah concept of ijarah thumma naqlul milkiyyas, making it the second private hire-purchase company to convert its conventional portfolio into a Shariah compliant portfolio.

  • recent_Islamic_finance_developments_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Maldives Islamic Bank marks five-year presence in Maldives. Maldives Islamic Bank (MIB) celebrated its fifth anniversary on the evening of the 18th March 2016 at Hotel Jen Maldives. The guest of honor at the event was Khalid Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector, who thanked the government of Maldives for its efforts to establish and facilitate the growth of an Islamic bank in Maldives.

  • Maldives_trailblazer_Islamic_finance_South_Asia_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • One of the most interesting aspects that is noteworthy when discussing the Islamic finance industry in the Maldives is that the growth of Islamic finance and the halal industry in the country happened at an extremely fast pace and with government participation and facilitation. In 2003, the country witnessed the first form of Islamic finance when Amana Takaful Maldives was set up. However, at that point in time, only a handful of people knew the significance and the meaning of the word Takaful, aside from the name of the company.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 131

Industry Article : [131]

Follow this collection to receive daily e-mail notification of new additions
Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 131
  • prosperous_year_Islamic_capital_market_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • The Maldives is a small island nation with a 100% Muslim population. The country witnessed the first form of Islamic finance with the incorporation of Amana Takaful Maldives in 2003 and the first fully-fledged Islamic bank was established in 2011. As the Maldives marked the 15th anniversary of Islamic finance in the country, it gave the opportunity for the citizens of the country to appreciate the industry and widen its scope to tap into the halal industry via Islamic tourism and halal certification.

  • time_make_hay_future_bright_sunny_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2015)

  • Maldives is a famous tourist destination that is unique not only geographically, but it is also a 100% Muslim country that has a homogenous language and culture across the whole country that consists of 1,190 small islands. Though the economy and the financial landscape of the country is predominated by conventional financing methods and ideas, since the formation of the first Islamic bank of the country, Maldives Islamic Bank in 2011, the development of Islamic finance has grown exponentially. Since then, the country has witnessed a rapid and remarkable growth in Islamic finance that is worth studying. The year 2015 can be considered as a significant year that has brought the import...

  • Maldives_Islamic_bank_performs_well_financially_last_quarter_2019_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • Maldives Islamic Bank (MIB) has achieved strong and healthy financial results for the final quarter of 2019 with a net profit of MVR25.6 million (US$1.63 million) which is an increase in profit of 13.8% from the third quarter of 2019, according to its press release on the 30th January 2020.

  • zakat_funds_moratorium_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • On the 22nd April 2020, the Ministry of Islamic Affairs of the Republic of Maldives announced that MVR1 million (US$63,895.8) will be allocated from Zakat funds to be given to the needy and poor aff ected by COVID-19. According to the World Bank, the Maldives is a middle-income country with GDP per capita of US$10,331 (2018). The Ministry of Gender and Family will receive the MVR1 million to help those affected. Before this, about MVR3 million (US$191,687) was spent by the Ministry of Islamic Affairs for Maldivians stranded in other countries due to lockdowns.

  • 2nd_maldives_Islamic_banking_finance_conference_emphasizes_importance_establishing_Islamic_center_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2015)

  • The 2nd Maldives Islamic Banking and Finance (MIBFI) Conference has acted as a forum where the Islamic banking and finance fraternity converge to discuss a plethora of issues. While the local players took center stage, the participation of foreign delegates complemented the Maldivian participants in engaging one another in discussions relating to the future prospects of the Islamic banking and finance industry in Maldives and beyond. This year's theme of the conference was 'Creating a center of Islamic Finance'.

  • it_is_time_zakat_organizations_India_press_zakat_activation_button_provide_economic_social_relief_COVID-19_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2020)

  • COVID-19 began as a health crisis and now has led to an economic crisis. There is a sudden surge in the number of poor and needy who has become unemployed over night without any prior warning and who has no way to find an alternative work as the whole country is locked down to protect from widespread of the disease in the local communities. This is the situation in the whole world today and India is no exception to this. As Purohit in this April 2020 has reported in Aljazeera: millions in underdeveloped regions face penury and deprivation as economic activity grinds to a halt due to lockdown. An example to further describe this issue at an individual is described by Purohit as follows...

  • Islamic_microfinance_scheme_Maldives_faseyhamadadhu_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Though there are seven commercial banks operating in the country, there is no financial institution that is specialized in Islamic microfinance. However, funds received as foreign aid have been disbursed through the Bank of Maldives (BoM), the national bank as it is required by law to disburse such funds through a bank. The starting point that led to the formal existence of microfinance in the country is the enactment of the Small and Medium Enterprises (SME) Act (Law No. 6/2013) in 2013. The objective of this law was to help reduce poverty and related vulnerabilities as well as making the sector broad-based, innovative, resilient and internationally competitive. The enactment of this...

  • combining_concept_waqf_Islamic_tourism_create_sustainable_fund_alleviate_poverty_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • The term universality has many meanings. The Webster Dictionary defines the term as: "of or pertaining to the universe; extending to, including, or affecting, the whole number, quantity, or space; unlimited; general; all-reaching; all-pervading; as, universal ruin; universal good; universal benevolence or benefice." For the purpose of this article, the meaning of universal would be restricted to 'unlimited', 'general', 'all-reaching', and 'all pervading only. The objective of this new concept proposed is to ensure that the universality aspect of Islamic finance is reflected in one concept using different mechanisms used in it. The government of the Maldives, via the Maldives Center fo...

  • IRTI_organizes_international_workshop_Maldives_Islamic_monetary_economics_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2017)

  • On the 1st and 2nd November 2017, the Islamic Research and Training Institute (IRTI) in collaboration with the Maldives Center for Islamic Finance (MCIF) organized an international workshop with the theme 'Islamic Monetary Economics and Institutions: Theory and Practice', inaugurated by Dr Mohamed Shainy, the minister of fisheries and agriculture, with participants from eight different countries.

  • MIBFI_conference_2019_focuses_Islamic_social_finance_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • The 6th Maldives Islamic Banking and Finance Industry (MIBFI) Conference organized by Uto Edu Consult in association with Women on Boards, Maldives was successfully held on the 17th September 2019 at the Islamic University of Maldives, themed 'Sustainable Development through Islamic Social Finance'. This is an important theme for the Maldives as national level targets have been set to achieve the UN's Sustainable Development Goals.

  • oversubscription_MIB_shares_HDFC_issues_third_corporate_sukuk_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2019)

  • Maldives Islamic Bank (MIB) has announced that its IPO of shares was successfully oversubscribed. A total of 6.98 million shares - 31% of the total number of shares - were open for the public and the price per share was MVR35 (US$2.24) of which the total will amount to MVR244.13 million (US$15.61 million). At the moment, the board of MIB is enacting a regulation to distribute shares to shareholders in a fair manner, giving preference to retail investors in accordance to what was mentioned in the prospectus.

  • Maldives_seeks_technical_assistance_develop_maldives_center_Islamic_finance_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • On the 24th April 2016, Abdulla Jihad, the minister of finance and treasury of the Republic of Maldives, visited the capital of Malaysia, Kuala Lumpur, with a delegation on an official trip to seek technical assistance to develop the newly established Maldives Center for Islamic finance, an entity that was established with the objective of strategizing and promoting Maldives as the hub for Islamic finance and the halal industry in South Asia.

  • bank_Maldives_introduces_Islamic_deposit_account_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • A new Islamic deposit account, the Wadiah Business Account, has been introduced by BML Islamic, the Islamic finance arm of the Bank of Maldives (BML) on the 7th December 2015. The tagline used in the introduction of this type of account is: The Shariah compliant current account facility for your business. This newly introduced account is not merely an account with a current account facility but it provides added services such as instant and secure internet banking and professional support through the BML Islamic Advice Center for more advanced Islamic banking-related advisory services.

  • Maldives_center_Islamic_finance_position_Maldives_Islamic_finance_halal_industry_hub_south_asia_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • On the 27th March 2016, at a news conference held at the Ministry of Finance and Treasury, the minister of finance and treasury of Maldives, Abdullah Jihad, announced the formation of the Maldives Center for Islamic Finance that will work toward positioning Maldives as the hub for Islamic finance and the Halal industry in South Asia. The five-year strategic business plan was also inaugurated at the same time.

  • dawn_Islamic_tourism_there_will_there_way_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Tourism is the lifeline and the golden goose of the economy of the Maldives, the number one honeymoon destination in the world. Tourism is a sector that has shown progressive growth in the country and the largest contribution to the GDP of the country comes from this sector, proving that tourism is the most profitable sector in the country to be invested in. However, although the Maldives is a 100% Muslim nation, the country is alien to the concept of Islamic tourism. With the rapid development of the Islamic finance industry in the country, the urge to test the practical applicability of Islamic tourism in the Maldives has grown. The year 2016 has proved that Islamic finance is here ...

  • spindle_Islamic_finance_institutions_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2015)

  • 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 fra...

  • litus_automobiles_company_introduces_ijarah_thumma_naqlul_milkiyya_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Litus Automobiles Company, a private company in Maldives specializing in the hire purchase of motor vehicles, on the 3rd May 2016 introduced Islamic hire purchase based on the Shariah concept of ijarah thumma naqlul milkiyyas, making it the second private hire-purchase company to convert its conventional portfolio into a Shariah compliant portfolio.

  • recent_Islamic_finance_developments_Maldives_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • Maldives Islamic Bank marks five-year presence in Maldives. Maldives Islamic Bank (MIB) celebrated its fifth anniversary on the evening of the 18th March 2016 at Hotel Jen Maldives. The guest of honor at the event was Khalid Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector, who thanked the government of Maldives for its efforts to establish and facilitate the growth of an Islamic bank in Maldives.

  • Maldives_trailblazer_Islamic_finance_South_Asia_aishath.pdf.jpg
  • Industry Article


  • Authors: Muneeza, Aishath (2016)

  • One of the most interesting aspects that is noteworthy when discussing the Islamic finance industry in the Maldives is that the growth of Islamic finance and the halal industry in the country happened at an extremely fast pace and with government participation and facilitation. In 2003, the country witnessed the first form of Islamic finance when Amana Takaful Maldives was set up. However, at that point in time, only a handful of people knew the significance and the meaning of the word Takaful, aside from the name of the company.

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 131