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Maldives will be a hub for Islamic banking: Minister Ameer

28 March 2019, MVT 14:48
Minister of Finance Ibrahim Ameer at the opening ceremony for the new head office of Maldives Islamic Bank (MIB). PHOTO: HUSSAIN WAHEED/ MIHAARU
28 March 2019, MVT 14:48

Minister of Finance Ibrahim Ameer pledged to make Maldives an Islamic Banking hub in this region.

Speaking at the opening of new head office of Maldives Islamic Bank (MIB), Minister Ameer stated that MIB increased competition in the Islamic banking sector. He also noted that in addition to providing numerous banking services, the bank follows procedures according to Islamic law.

Minister Ameer highlighted that establishing Islamic banking in President Mohamed Nasheed’s administration was a great feat and that the current administration will work on further improvements.

MIB was established in 2010, and began providing services in 2011. The initial investment for the company was USD 11 million.

While USD 10 million was invested by Islamic Corporation for the Development of the Private Sector (ICD), USD 1 million was invested by the government.

The minister pointed out that the government pays special attention to foreign investment and that MIB is an excellent example.

“The government must be economically inclusive. Retail banking is essential to do this. We would like MIB to be successful, and with the help of the public, for it to expand,” he said.

More than 200 people are currently employed at MIB. The company provides financial assistance to state-owned enterprises and private corporations.

MIB is working towards selling shares to the public through the initial public offering.

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