It is important to have a strong and steadfast leadership is required to tap into the full potential of any developing economy, states Vice President of Maldives Abdulla Jihad.
He made the statement at the 4th Maldives Islamic Banking and Finance Industry (MIBFI) Conference which began at STELCO Auditorium in Male' city. The MIBFI Conference is organised by UTO EduConsult (Pvt) Ltd. Sri Lanka in conjunction with KPMG and Maldivian non-governmental organisation Women on Boards.
As a 100% Muslim country, the administration recognises the importance of Islamic economics for financing the development of the nation, Vice President of Maldives Abdulla Jihad noted while speaking as the chief guest at the inauguration of the conference. Continuing on, the Vice President shed light on the importance of tapping into the lucrative Halal tourism segment, and the steps being taken by the administration in this regard. The flexible legal and financial infrastructure made the Maldives an ideal destination for a regional financial centre, he said. The vision of President Abdulla Yameen Abdul Gayoom to make Maldives the main hub for Islamic finance in the South Asia region, he highlighted. Pointing out that there were currently 13 institutions offering Islamic finance in Maldives, the Vice President stated the need for more competitive and innovative products; especially to cater to the mega economic projects, and change the livelihood of marginalised segments of society. He commended the increasing participation of women in the finance sector of Maldives, and noted that the active role played by Maldivian women in promoting Islamic finance, made the country exemplary to the rest of the world.
13 Islamic finance institutions have been established in the country under the efforts to promote Islamic financing in the country, said Chairperson of Maldives Centre for Islamic Finance Dr. Aishath Muneeza while also speaking at the ceremony. She also highlighted work conducted by government authorities and stakeholders to promote Islamic financing in the Maldives.
Experts from the Islamic finance sector in the Maldives will be joined by delegates from various other countries in discussions that would encompass broad spectrum of areas that are of critical importance to the development of the industry in Maldives. Some of the topics for discussions would be the Growth of Islamic Banking and Finance Industry of Maldives, Infrastructure Financing, Islamic Capital Markets, Latest Developments and Innovations that could impact the Islamic Banking and Finance Industry.
This year, the conference introduces Focus Group sessions where all delegates will be invited to participate in group discussions to examine various contemporary issues.