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Maldives Launch First Islamic Finance Magazine

MALDIVES LAUNCH FIRST ISLAMIC FINANCE MAGAZINE:

LAABA TO ACT AS A PLATFORM TO ENGAGE REGIONAL & GLOBAL INDUSTRY DEVELOPMENTS

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: https://mcif.mv/laaba/

For more information about Laaba, please email us at  info@mcif.mv 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).


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.