Finance Ministry’s Deputy Minister Dr. Aishath Muneeza has revealed that the demand for an Islamic finance system in the Maldives was rising.
Answering a question by Miadhu, in the press conference held today in Finance Ministry, Dr. Muneeza said that the start of Takaful or Islamic Insurance in the country by Amana Takaful in 2003 and the opening of the Maldives Islamic Bank in 2011, the demand for Islamic banking and Islamic finance has risen.
Dr. Muneeza added that in 2013, many new Islamic banking products were launching in the market.
“HDFC began offering housing loans under Islamic finance concept. The first sukuk market began,” she said.
Dr. Muneeza added that national bank BML had begun services of an Islamic Banking window, while Allied Insurance had begun Takaful services. She further added that Alia Investment was now employing Islamic business principles in their transactions.
Dr. Muneeza said that many Islamic finance initiatives had begun solely due to the huge demand for the initiatives. She noted that this offered exciting opportunities, both local and international, for the sector.
Dr. Muneeza said that she was assured that the Government will fulfill their pledge to create a main Islamic finance hub in the country.
Demand for Islamic finance rising: Dr. Aishath Muneeza
