Finance Minister Abdullah Jihad has called to increase products under Islamic finance so that the public can benefit from them.
Minister Jihad said that Islamic finance was the fastest growing financial sector globally, and that we have to follow suit.
Jihad added that Baiu Muajal was an important product. The product allows the buyer to purchase a product and pay for the product in bulk or part payments over a set period. The purchase will not earn an interest.
HDC had collated a Shariah Board and appointed Dr. Aishath Muneeza as the Chair of the Board.
Minister Jihad noted that most of the resorts are now being developed under the Islamic finance method. He had urged local universities to conduct a research on the issue.