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.