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MCIF, USIM and MNU signs IHMC 2018 collaboration agreement

Universiti Sains Islam Malaysia (USIM), Maldives Centre for Islamic Finance(MCIF) and The Maldives National University (MNU) has agreed to collaborate and hold the International Halal Management Conference 2018 in the Maldives. The agreement was signed on Sunday the 3rd of March 2018 at  MNU’s seminar room and was signed by the Vice Chancellor Dr  Ali Fawaaz on behalf of MNU;  Managing Director Mr Ibrahim Didi on behalf of MCIF and the Dean of the faculty of Muamallat,  Professor Dr. Amir Shaharuddeen on behalf of USIM.

The 2nd International Halal Management Conference (IHMC)’s theme for this year is ‘Sustaining Global Halal Ecosystem’ and 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). It will be held in Maldives from 17th to 18th July 2018. The conference seeks to provide a platform for researchers, academics and industry practitioners to present and discuss recent halal related research issues, developments and findings.

For more information please visit :https://mcif.mv/ihmc2018/


2nd International Halal Management Conference (IHMC) 2018

The 2nd International Halal Management Conference (IHMC), ‘Sustaining Global Halal Ecosystem’, organized by Faculty of Economics and Muamalat (FEM), USIM in collaboration with Maldives Centre for Islamic Finance (MCIF) and the Maldives National University (MNU)  will be held in Maldives on 17 and 18 July 2018. It seeks to provide a platform for researchers and academic scientists to present and discuss recent halal research issues, development, and findings

For more information and Call for Papers, please visit http://ihmc.usim.edu.my/

 


MCIF organized a Halal foundation course

A Halal foundation course, sponsored by MCIF was held from 4th -6th February 2018 at University Sains Islam Malaysia (USIM). The course was developed and conducted by USIM's Graduate School of Muamalat which covered various fundamentals related to the Halal industry including the Shariah perspective, Halal assurance system, Governance and Halal recognition, Halal supply chain and also the best practices in the halal food ingredients, meat and the hospitality industry.
The program also included a short trip to  Kompleks Industri Makanan MARA (KIMAR) and Rural Capital Sdn. Bhd. (RCSB). The purpose of this visit to Kompleks Industri Makanan MARA was to provide more insight on how halal processes & procedures are implemented.


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.