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Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017

A two day conference on Islamic Monetory Economics and Institutions, commenced today at STELCO conference hall. The conference was inaugurated by the Minister of Fisheries and Agriculture, Dr Mohamed  Shainee. This conference is jointly organised by Maldives Center for Islamic Finance (MCIF) and the Islamic Research and Training Institute of Islamic Development Bank (IRTI-IDB). Scholars from more than fifteen countries will be presenting various research papers on Islamic Monetory Economics and dual banking systems during the 2 days. .

At the inauguration ceremony, chief guest Dr Shainee  highlighted that President Yameen Abdul Gayyoom's government is the only government in the history of Maldives who has fully supported the creation of a full-fledged Islamic finance system and that a key pledge made by the current government is to embark on an ambitious agenda to transform the economy in order to ensure a more resilient and prosperous future for the country. As such, the president has under a decree setup MCIF, a  hundred percent government owned entity to strategize Maldives as the hub for Islamic finance in South Asia, Minister Shainee also talked about the government's plan to utilize Fintech in the financial and economic system and proposed that further research in the field of  Blockchain Technology and Crypto currency are needed for  better usage of it in the country's economic and finance system. Dr Shainee  before concluding  his speech, commended and encouraged MCIF and IRTI-IDB to continue such research based initiatives and activities.


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MCIF introduces a model to provide Islamic finance services through local councils

Maldives Center for Islamic Finance (MCIF) has introduced a model to provide Islamic finance services through the local councils established in the islands. This model will enable local councils to invest their funds according to Islamic shariah in projects that would generate revenues for the development of the local community.

The Islamic finance services model was formulated by MCIF based on the data collected from 98 local councils and the already existing Islamic finance services methods used in other countries. It was presented as a research paper at the International Conference on Islamic Awakening held at the Islamic University from 23rd to 24th of September 2017.

According to the MD Mr. Ibrahim Didi, this model was designed by MCIF to cater to the increasing interest of the local councils to find a suitable investment model that would fit into Islamic Shariah standards. He believes that a large number of councils wishes to invest their funds but are not doing so due to a lack of such a model and that within the next couple of months at least one council will start the process of investing.

The Islamic Finance Services model can be implemented by the councils on their own or in collaboration with MCIF. Either way, MCIF will be providing assistance such as staff training, Shariah advisory and supervision.


Maldives Center for Islamic Finance (MCIF) has participated in an Executive training programme

 

Maldives Center for Islamic Finance (MCIF) has participated in an Executive training programme from 22nd to 25th August 2017 held in Karachi, Pakistan.The programme was conducted by the Islamic Finance wing of Institute of Business Administration (IBA), Karachi. The program was targeted at academicians, full time faculty members and researchers of academic institutes.

The four-day intensive program was focused on development of skills for teaching, training and designing Islamic Finance programs' curriculum, on discussion of potential research areas in Islamic Banking and Finance, Islamic Capital Markets and the scope and challenges of Islamic Finance at the local and global levels.

Knowledge Hub Manager of MCIF, Mr. Ali Munavvaru represented in the programme on the invitation of IBA Centre for Excellence in Islamic Finance (CEIF).

CEIF is a centre established by the IBA, Karachi with the objective of providing a platform for discovery, enhancement and dissemination of knowledge in the field of Islamic Finance. It aims to be a world class Centre which, through education and research, carries on IBA's legacy of thought leadership in the Islamic Finance industry.


Call for Papers - Research Workshop​ on Islamic Monetary Economics and Institutions: Theory and Practice​​ 2017​

Islamic Research and Training Institute (IRTI/IDB) in collaboration with Maldives Center for Islamic Finance will hold a Research Workshop on “Islamic Monetary Economics and Institutions: Theory and Practice” on November 1-2, 2017. This Workshop aims at bringing together experts in Islamic banking, regulation, and financial economics to take stock of current academic and policy research on the Islamic monetary theory, methodology, application and policy.

Dates: November 1-2, 2017

Venue: Male, Maldives

​Organised by:
​Islamic Research and Training Institute
Maldives Center of Islamic Finance

Contact Persons
Dr. Turkhan Ali, Islamic Economic Research Division, Islamic Research and Training Institute (IRTI). E-mail: turkhanali@isdb.org. Tel: +966 2 646 6329.
​Dr. Muhamed Zulkhibri, Islamic Economic Research Division, Islamic Research and Training Institute (IRTI). E-mail: mzulkhibri@isdb.org. Tel: +966 2 646 6533​

​​​​For more Details, Click Here ​.


High level stakeholders roundtable discussion on Islamic Home Financing Facilities


Today, 3rd May 2017, Maldives Center for Islamic Finance Ltd (MCIF), has taken the initiative to conduct a Roundtable Dialogue focused on various issues related to Islamic home financing facilities at MCIF’s head office.MCIF took this initiative due the growing trends in Islamic Finance, as well as the increasing demand for Islamic Home financing innovative facilities which indicates a need for regulatory harmonization and closer cooperation between Islamic Financial Institutes and governing authorities.

To support Islamic finance institutes (IFI’s) in home financing facilities, this Roundtable Dialogue is focused on issues such as facility mortgage, title transfer of buildings under construction/ completed, etc. and explore the options that IFIs could apply for complex financial products and corporate structures.

This session was chaired MCIF’s board director Mr. Umar Shaikh who is a Chartered Accountant by profession and specializes in Islamic finance and private equity. He leads the IFC’s government policy advisory activities of UK.

Participants included high level representatives from Ministry of Housing and infrastructure, Capital Market Development Authority, Maldives Monetary Authority, Housing Development Financing Corporation, Bank of Maldives Islamic, Maldives Islamic Bank and Housing Development Corporation.

Currently, Housing Development Financing Corporation Amna, Maldives Islamic Bank (MIB) and Bank of Maldives PLc Islamic (BML Islamic) are the only Islamic home financing companies in Maldives.


MCIF participates in Regional Consultation Workshop in South East Asia on Sukuk Model Law

MCIF participates in Regional Consultation Workshop in South East Asia on Sukuk Model Law

Sukook Model Law Workshop Participation

MCIF launches South Asian Institute for Islamic Finance (SAIIF)

MCIF launched South Asian Institute for Islamic Finance (SAIIF) at an event held at Champa Central Hotel today. The chief guest of this event was Minister of Home Affairs, Honorable Azleen Ahmed.

The MD of MCIF, Mr. Ibrahim Didi noted that the key objective of the institute is to cater to the growing need for skilled and educated Islamic finance professionals as scarcity in talent poses a significant impact in the growth and evolution of the Islamic finance industry.

SAIIF aims to provide a wide range educational programmes in Islamic Finance, including Islamic banking, Islamic Economics, Takaful, Islamic Capital Market, Financial journalism and Shariah Compliant Tourism.


MCIF signs an MOU with PSM

Maldives Center for Islamic finance (MCIF) and Public Service Media (PSM) signs a memorandum of understanding to work to promote  Islamic Finance industry of the Maldives.

The Managing director of MCIF, Mr. Ibrahim Didi and the Managing Director of PSM, Mr. Ibrahim Khaleel signed the agreement at a ceremony held at the Radio Building today.

The main objectives of this agreement is to disseminate information and news to the public and raise awareness about the Islamic economy as well as to develop human resources in this field. To achieve these objectives, Islamic finance related programs will commence from the month of Ramazan through PSM.


Maldives ranked among the 15 Top developed nations in the ICD-Thomson Reuters Islamic Finance Development Indicator

Maldives Center for Islamic Finance Ltd (MCIF) is proud to announce that Maldives have been recognized among the top 15 developed nations in the Islamic Finance Industry according to the ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI) 2016 and its report, the Islamic Finance Development Report 2016. The most developed performers include countries from the GCC, South and Southeast Asia. Maldives also comes second to Pakistan in terms of overall Islamic finance development in South Asia region.

According to the report, the Islamic finance industry grew 7% to US$ 2 trillion in 2015. However, the impact of global events like the sharp drop in oil prices lowered the financial performance and profitability measures for some countries in regions such as the GCC. With the continued positive growth of Islamic finance assets globally and acceptance of Islamic finance in new countries, the IFDI projects that Islamic finance assets will grow to US$ 3.5 trillion by 2021.

The projection is also supported by the fact that South Asian countries have posted the greatest amount of growth in Islamic finance assets after the introduction of Islamic windows for different financial institutions. This shows the increased acceptance of Islamic finance products in the region. For Islamic banking, Maldives posted the greatest assets growth in South Asia region between 2012 and 2015. The introduction of Islamic banking products by conventional banks in the country gave a boost to the country’s total assets. It is also the fastest country globally in terms of other Islamic financial institutions (other than Islamic banking and Takaful) assets growth between 2012 and 2015. Up to December 2015, Maldives has posted US$ 144.14 million in Islamic finance assets.

The ICD-Thomson Reuters ranking demonstrates how the Maldives Islamic finance industry landscape has evolved and grown since 2012. MCIF thank the president of Maldives, Honorable Mr. Yameen Abdul Gayoom for his visionary leadership that foresaw the importance of developing the Islamic Finance Industry of the country, the former Finance Minister and current Vice President Honorable Mr. Abdulla Jihad for his relentless work to make Maldives a recognizable force in the global Islamic Finance Industry and the chairperson of MCIF, Dr.  Aishath Muneeza, for her endless efforts in promoting Maldives as an Islamic Finance hub. Our heartiest congratulation also goes to the Islamic Banks, insurance companies and to all government companies and private companies who are involved in offering Islamic financial products and services in the country.

The Islamic Finance Development Report and Indicator 2016 is jointly produced by Thomson Reuters, the world's leading provider of intelligent information for businesses and professionals, and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB). It is an annual barometer that represents the overall development of the Islamic finance industry worldwide. It measures five key components that combine to depict the bigger picture of the state of Islamic finance which are Quantitative Development (QD), Knowledge, Governance, Corporate Social Responsibility (CSR) and Awareness.


MCIF INTRODUCES DOCTORATE PROGRAMMES IN ISLAMIC ECONOMICS

An international Memorandum of Understanding (MoU) was signed between Maldives Center for Islamic Finance Ltd (MCIF) and University Science Islam Malaysia (USIM), on 23rd November 2016, in Kuala Lumpur, Malaysia.  The memorandum calls for collaboration in research, instruction and faculty exchange between MCIF and USIM.

The memorandum was signed by the Managing Director of MCIF, Mr Ibrahim Didi and Vice-Chancellor, Professor Dato’ Dr Musa Ahmad of USIM and agreed to initiate collaborative activities in academic areas of mutual interest such as exchange of faculty and researchers for purpose of teaching, conducting lectures and research, exchange of expertise, exchange of students, conducting collaborative research projects, jointly organizing symposia, seminars, and conferences as well as sharing of academic information and materials.

The linkage is a significant step taken by MCIF in promoting higher education through international linkages and as such, in January 2017, MCIF will be offering a doctorate programme in Islamic Economics as well as various undergraduate and postgraduate courses in collaboration with USIM.  The PhD programmes will be starting in January 2017.