Board members for Islamic Finance Corporation and Khazana Maldives have been appointed.
Speaking in a press conference held today in Finance Ministry today, Finance Minister Abdullah Jihad said that the board for Islamic Finance Corporation had been appointed and that more members are to be appointed to the board of Khazana Maldives.
Abdul Ghafoor, long term employee of MMA and Finance Ministry, had been appointed as Chair of the Islamic Finance Corporation. Ibrahim Didi, scholar in Islamic finance, had been appointed as Managing Director.
Three international representatives had also been appointed to the board of this Corporation in order to secure international backing and support.
Minister Jihad said that the International Finance Center will be opened in the dedicated grounds in Hulhumale’, which will be part of the financial hub. All buildings in the area will get financial concessions.
Jihad added that they had sought out the best practices from nations such as Mauritius for the initiative. He noted that until the area in Hulhumale’ is operational the operations of the company will be carried out in a temporary office designated by the Ministry.
Minister Jihad said that IDB has pledge to assist in forming the Corporation, adding that they currently have the input of a consultant. He noted that Saudi finance minister had expressed interest in opening some Saudi banks in the Maldives.
Speaking in the press conference, Deputy Minister of Finance Dr. Aishath Muneeza said that the formation of the Corporation will greatly assist in developing Islamic finance in the Maldives. She added that the Corporation will greatly assist in developing a strong, ethically sound Islamic finance sector, rigidly structured on Islamic sharia principles.
She added that with the formation of the Corporation and the company, companies will be able to secure finances based on Islamic sharia values for their projects.
The strategic plan of the corporation was revealed in the press conference. Journalists from Dubai’s Khaleej Times also attended the press conference.
Board members of Islamic Finance Corporation, Khazana Maldives appointed
