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.