Growth in Local Services Suggests Their Potential to Drive Maldives’ Islamic Finance Sector

Growth in Local Services Suggests Their Potential to Drive Maldives’ Islamic Finance Sector

https://islamicmarkets.com/articles/growth-in-local-services-suggests-their-potential-to-drive-maldives
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The Republic of Maldives’ (Maldives) Islamic finance sector is seeing development effort, despite an apparent need for legislation and local turnover in order to develop an offshore hub through attracting sufficient international players.

Why it Matters?

The Maldives, with a Muslim population of 540000 and a general interest to embrace Islamic finance, is seeing a need to make Islamic finance services more abundant and enhance savings and lending rates in Islamic banking to compete with its conventional peers. With the aim to drive the country’s efforts to become a hub for Islamic finance in South Asia in particular, the government established a state-owned Maldives Centre for Islamic Finance (MCIF) which aims to operate as a regional Islam...