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Maldives to commence Islamic banking within months

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Points of Essence:

  • Maldives will commence Islamic banking in 3-4 months’ time with the establishment of Noor Islamic Maldives Pvt. Ltd.
  • A joint venture between the government, Dubai Noor Islamic Bank and Islamic Cooperation for the Development of the Private Sector, the bank will introduce interest free banking services to develop various sectors of the economy.

Islamic Banking will commence in the next three to four months, Finance Minister Qasim Ibrahim has said. Minister made the statement speaking at the press briefing held after the signing of the agreement with Maldivian government, Dubai Noor Islamic Bank and Islamic Cooperation for the Development of the Private Sector to launch the Islamic banking in Maldives.

The bank to be opened under the name of Noor Islamic Maldives Pvt. Ltd is owned 34% by the government of Maldives, 33% by Noor Islamic Bank of Dubai and 33% by Islamic Cooperation for Development of Private Sector.

Speaking on the delay in the introduction of Islamic banking service Finance Minister said “the delay in providing the service is due to First Dhawood Bank of Pakistan, but now our share holders are leading institutions in Islamic banking, we are working to open this bank within 3 to 4 months”.

Finance Minister said when the Noor Maldives Islamic Bank opens it will introduce new banking principles to Maldives. Minister emphasized that bank will provide interest free loans to develop various sectors of the economy.

“Unlike commercial banks, loans will be given interest free, Islamic banking is being taken on by many countries” Finance Minister said.

The agreement on behalf of Maldives was signed by Minister Qasim Ibrahim, on behalf of Nooru Islamic Bank by Deputy Group CEO Ahmed Al Janahi and on behalf of Islamic Cooperation Development by Fund Manager Baseel Al Hagg Easa.

Source: Miadhu Online.

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Written by Suapi Shaffaii

July 9, 2008 at 2:41 am

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