Month: July 2018

Maldives Launch First Islamic Finance Magazine



Maldives Center for Islamic Finance Ltd (MCIF) is delighted to announce the launch of Laaba, the first publication in the archipelago dedicated to Islamic finance and wider Islamic economic sectors. Published by MCIF, the magazine is the first platform in South Asia to bring together regional hubs with global partners in engaging knowledge, sharing ideas and collaborating to develop an influential voice for the region.

Laaba sets the tone as a channel of communication on the compelling issues shaping the future of the industry and the wider economic sectors. The first issue has embraced the theme of responsible and ethical finance and how this is aligned with Islamic finance and the wider Islamic economic sectors; bringing together Islamic finance practitioners, financial specialists, stakeholders, global thought-leaders and policy-makers.

Laaba is also an initiative towards the internationalization of Islamic finance in Maldives and South Asian with the objective of creating interlinkages between economies, enabling cross border investment activities through knowledge sharing and innovation.

MCIF unveiled the highly anticipated publication at the inauguration ceremony of the 2nd International Halal Management Conference (IHMC) on July 17th in the Maldives by the Home Affairs Minister, the Honorable, Mr. Azleen Ahmed making the introduction with the words “Knowledge is power and knowledge dissemination platforms are vital and Laaba is an important step forward to achieve this.” In echoing the government’s commitment to Islamic finance, honourable Minister Azleen Ahmed added: “I am happy and privileged to launch Laaba and I wish to reiterate that the government of Maldives is committed to sustain Islamic finance in the Maldives and the region and it will continue to give its full support on creating a halal hub. Being 100% Muslim country we believe Maldives should be the champion of Islamic finance and halal industry in the region.”

Ibrahim Didi, Managing Director at MCIF said: “This is a momentous time for Maldives and our organization. After two years of hard work we have finally been able to share the strategic vision we have for developing the region as a vibrant hub for Islamic finance. The launch of Laaba will go a long way in making that vision a reality, revealing both opportunities and challenges faced in South Asia to a global Islamic finance audience. We want to see the region build partnerships and enjoy investment in the real sector across South Asia which is home to half a billion Muslim consumers.”

In today's crowded information landscape, Laaba aims to be the thoughtful, in-depth and authentic space for articles and interviews: “We want to be able to share the knowledge of practitioners and experts,” says Dr Aishath Muneeza, Chairwoman of MCIF. “And we also hope we can inspire and connect regional and global Islamic hubs, with the aim to develop a stronger industry through shared knowledge.”

Dr Aishath Muneeza, added: “Laaba is an important initiative for the government of Maldives, demonstrating its commitment to the development of Islamic finance in the country and the region. It is an honor for us to launch a quality product that is exemplary to the South Asian region. This platform is for the global Islamic finance community to share knowledge, experience and ideas, which will help the industry grow and innovate.

“Dissemination of knowledge is an important tool for us to progress in Islamic finance and to become a regional hub for the industry. Our aim for this year is to create awareness through sharing information and with this first issue of Laaba we are achieving a substantial part of this goal. We believe Laaba will assist to understand the great potential of Islamic finance. I would like to take the opportunity to thank all the contributors, sponsors and stakeholders who helped to realize this initiative.”

The first issue of Laaba includes some ground-breaking articles including the World Bank‘s look at the role of Islamic finance in supporting SMEs, the role of Islamic social financing seen through initiatives in Indonesia and Kenya and how green financing and impact investing have a key part to play in the future of the industry. Laaba also includes exclusive interviews with CEOs across Maldives financial institutions, including the Maldives Islamic Bank, Maldives Capital Markets Development Authority and the fully-fledged shariah-compliant takaful operator, Amana Takaful.

Sponsored by the Housing Development Corporation Limited and Amana Takaful Insurance Ltd, the magazine is now also available online on the MCIF website:

For more information about Laaba, please email us at or call +960 300-8300

Social media hashtags: #LAABA18 #MCIF #ResponsibleAndEthicalFinance

Commencement of the 2nd International Halal Management Conference (IHMC) 2018

The 2nd International Halal Management Conference (IHMC), ‘Sustaining Global Halal Ecosystem’ commenced today (17th July 2018) at the National University of Maldives. The conference was inaugurated by the Minister of Home Affairs, Mr. Azleen Ahmed.

Speaking at inauguration, Home Affairs Minister, Honorable Azleen Ahmed said that Maldivian’s are blessed to be a 100% Muslim country and that only halal things are found in all inhabited islands of Maldives. Therefore, Maldivians really do not understand the significance and importance of halal logo. Hence, having a full-fledged conference on this theme will assist to discuss these matters at an intellectual level

The two day conference  with more than 50 international speakers from more than 5 countries is organized by the Faculty of Economics and Muamalat (FEM), USIM in collaboration with Maldives Centre for Islamic Finance (MCIF) and the Maldives National University (MNU).