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Vision to establish Maldives as Islamic Finance hub: President Solih

Fathmath Shaahunaz
31 October 2019, MVT 13:05
President Ibrahim Mohamed Solih speaks at the opening ceremony of the Capital Market Forum 2019. PHOTO: HUSSAIN WAHEED / MIHAARU
Fathmath Shaahunaz
31 October 2019, MVT 13:05

President Ibrahim Mohamed Solih on Thursday pronounced his government's vision of developing Maldives as a regional Islamic Finance hub.

The president made the statement at the opening ceremony of the Capital Market Forum 2019 held in Bandos Maldives.

Underscoring the vision of Maldives as a hub for Islamic Finance, the president stated that the capital market needs to be developed in order for government and private companies to finance the development of Islamic Banking and Islamic Finance. He stressed that the development of the capital market was crucial for the growth of the country's financial industry and economy.

Addressing the theme of the forum, ‘Capital Market for Social Harmony', President Solih went on to highlight the capital market's role in ascertaining national prosperity, stating that social harmony correlates with the financial condition of citizens.

Further noting the role of conventional and Islamic banking sectors in financing the development of Small and Medium Enterprises (SMEs), President Solih stated that the growth of the capital market would also alleviate financial constraints. He called for more investment in the capital market to establish better financial stability for SMEs.

He also touched upon the role of investment banking and Public-Private Partnerships to finance the socio-economic development of Maldives, and the development of Islamic Tourism through the Islamic Capital Market.

During the ceremony, President Solih presented Listing Tokens to eight companies listed on the Maldives Stock Exchange (MSE). He also received a plaque of appreciation from Capital Market Development Authority (CMDA) and MSE, which was presented by CMDA's Acting CEO Fathimath Abdullah Kamaludeen and MSE's CEO Mohamed Aushan Latheef.

The Capital Market Forum is the first of its kind to be held in Maldives. Jointly organised by CMDA and MSE, the forum provides a platform for stakeholders to discuss the development of the capital market towards achieving business growth and social harmony. The forum features interactive presentations and panel discussions with policymakers, top officials of the financial sector, entrepreneurs and investors, along with networking opportunities.

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