Minister of Finance Dr Mohamed Shafeeq has stated that there is high demand for Islamic Financing in the Maldives, and that he has confidence that Maldives can be made an Islamic Financing hub in the future.
Minister of Finance Dr Mohamed Shafeeq has stated that there is high demand for Islamic Financing in the Maldives, and that he has confidence that Maldives can be made an Islamic Financing hub in the future.
Speaking at the Global Islamic Finance Summit 2024 held yesterday, Shafeeq said that Maldivians' interest in Islamic Financing had come to his notice from the response received when Housing Development Finance Corporation (HDFC) issued a Sukuk.
The Minister assured that the ministry would provide absolute cooperation and support to local finance institutes in introducing Islamic Financing products.
"Fifty people from a single island invested in that Sukuk. That is because they have trust in Islamic financing," he said.
Shafeeq stated that the government would also seek further Islamic Financing opportunities in the future.
In 2021, the government sold an MVR 500 million Sukuk.
The Minister said that the coupon payments of this Sukuk will continue to be paid on deadline as it has been done to date. He admitted that Maldives is in an economically difficult position at present, but highlighted that the government is implementing fiscal reforms to overcome this.
The Islamic Finance Summit held at Paradise Island Resort featured panel discussions on challenges and opportunities presented in Islamic Financing.
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