Islamic Finance News Portal – Bringing you the latest updates in global Shariah finance

Watch out for news alert!

Posts Tagged ‘Maldives

Sharia finance body, Maldives lender to set up bank

leave a comment »

Points of Essence:

  • Islamic Banking & Finance Institute of Malaysia and the Government of Maldives sets up the first Islamic bank in Maldives
  • Maldives Islamic Bank will be established in the next 6 months would be the impetus for the creating of the a conducive regulatory framework  for Islamic banking industry in Maldives

KUALA LUMPUR Oct 26 (Reuters) – A Malaysian Islamic finance industry body and the Maldives Islamic Bank signed a deal on Tuesday to set up Maldives’ first sharia lender. Maldives Islamic Bank hoped to set up the bank within six months, its managing director Harith Harun said in a statement. A subsidiary of the Islamic Development Bank holds a 70 percent state in the Maldives bank while the government of Maldives owns the rest. The deal with the Islamic Banking and Finance Institute Malaysia, which is owned by the Malaysian central bank and several sharia banks, would enable a study of Maldives’ regulatory framework to create an environment that would foster the industry’s growth, the statement said.  (Reporting by Liau Y-Sing; Editing by Razak Ahmad)

Source: Reuters

Advertisements

Written by Suapi Shaffaii

October 26, 2010 at 11:29 pm

Maldives to commence Islamic banking within months

leave a comment »

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.

Written by Suapi Shaffaii

July 9, 2008 at 2:41 am