Stakeholder symposium conducted under the theme “Strategizing Islamic finance in the Maldives”

The Maldives Center for Islamic Finance (MCIF) in collaboration with the President’s Office, Ministry of Finance, Ministry of Economic Development, Capital Market Development Authority (CMDA) and Maldives Monetary Authority (MMA), conducted a Symposium on strategizing Islamic finance in the Maldives on the 29th of January 2020. A total of over 40 participants representing Government Ministries, Banks providing Islamic finance products, insurance companies as well as the capital market officials attended this one-day seminar which was held at the seminar room of Maldives Monetary Authority
Chief guest of the ceremony was the Minister of State for Finance, Mr. Ahmed Ali Manik. In his speech, he highlighted the importance of “FINTECH” and urged Islamic Finance Stakeholders to use Fintech widely in the industry. He also highlighted the importance of increasing the share of Islamic Finance in government security issuances.
Three presentations were given in the symposium, covering Islamic Banking, Islamic Capital Market and Islamic Finance policy. The presentation on the Islamic Finance policy was given by MCIF which focused on the preparation of an Islamic Finance Master Plan to strategize Islamic Finance in the country and position Maldives as the Islamic Finance gateway of South Asia. In the MCIF’s presentation, 4 major policies were proposed along with 26 strategies needed to execute the policies and 63 actions required to implement the strategies.
The presentations were followed by a Panel discussion with senior officials from all the stakeholders. This panel discussion was moderated by the Assistant Director General of the Presidents office Mr. Husham Waheed.
Group discussions on ways to move forward with the strategizing the Islamic finance was held during the afternoon session, where all the participants were divided into 6 groups under the three broad areas of Islamic Finance Policy, Islamic Capital Instruments and the Islamic Banking Facility. These groups discussions were mainly deliberated towards identifying the challenges faced in enhancing Islamic Finance in the Maldives and strategies to overcome these challenges. At the end of the session each group presented their findings which will be used to develop a policy paper by the steering committee.

Maldives Center for Islamic Finance signs a MoU with Universiti Sultan Zainal Abidin


Maldives Center for Islamic Finance has signed a Memorandum of Understanding with Universiti Sultan Zainal Abidin to enhance cooperation on providing quality education and research. The MOU was signed by Ibrahim Didi, Managing Director of Maldives Center for Islamic Finance and Professor Dato Dr. Hasan Basri Bin Awang Mat Dahan, Vice Chancellor of Universiti Sultan Zainal Abidin.

The MOU is aimed at cooperating on mutual areas such as enhancement of academic activities, research and participating in seminars and forums. Maldives Center for Islamic Finance focuses on developing Islamic Finance and promoting the industry by offering professional programs through its academic wing South Asian Institute for Islamic Finance (SAIIF).

Both the parties will collaborate on joint organization of academic and specialized seminars on common interest, exchange or research work carried out by the party.

Maldives Islamic Finance Report 2018 Launched

Maldives Centre for Islamic Finance (MCIF) on Thursday 18th July, launched Maldives Islamic Finance Report 2018 made in collaboration with Refinitiv Thompson Reuters. The first of its kind report was unveiled by the Governor of Maldives Monetary Authority, Mr. Ahmed Naseer. The launching took place in the ceremony that was held in Hotel Jen to celebrate the 15th anniversary of Amana Takaful. Amana Takaful played a quintessential role in developing Islamic Finance, supporting and driving global innovation into the Maldivian Islamic Finance climate.

At the ceremony, Mr. Ahmed Naseer thanked MCIF for this creative initiative to launch the Maldives Islamic Finance Report 2018 in collaboration with Thomson Reuters and highlighted the importance of such information in the development of the Islamic Finance industry. Managing Director of MCIF noted that the Islamic Finance Country Report prepared by Thomson Reuters is a very special initiative of MCIF which will provide insights to policymakers, investors and other stakeholders on the status of Islamic Finance in the country and the future potential of the industry.

Maldives Centre for Islamic Finance was established with the aim of broadening the Islamic capital market along with creating innovative products for fund raising in Shariah compliant ways. The Maldives Islamic Finance Report 2018 is an indicative measure to where Maldives has progressed financially and economically. It includes Islamic Finance regulations, milestone, landscape and the roadmap of the Maldives. Despite being a small island nation with its various constraints and challenges, Maldives has attained significant achievements within a short period of time.

Application open for Ph.D in Economics and Muamalath Administration

South Asian Institute for Islamic Finance (SAIIF) have opened application for Ph.D in Economics and Muamalath Administration, a program by University Sains Islam Malaysia (USIM). The course will be conducted at SAIIF where lecturers from USIM will be visiting Maldives once every month.
For more information, please visit

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).

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 :

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


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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