Finance Minister Abdulla Jihad stated that Maldives could be developed as a hub for Islamic Banking.
He made this statement in his speech at the inauguration of the new currency series “Ran Dhiha Faheh” by Maldives Monetary Authority (MMA), on Sunday night.
He said that work have begun to achieve this and the finance ministry and MMA are getting things ready for this.
Minister said that maintaining the trust in the finance sector is the responsibility of MMA, and that MMA is working tirelessly to maintain this trust. He said that some people’s trust was recently swayed when the defence forces of the country forcefully entered a commercial bank.
Minister Jihad also said that to achieve the promises made by the government, the banking and insurance sectors have to grow much more. For this to happen, new financial institutions and products have to be introduced in the country.
He also said that the stock exchange and bond market also needs expansion. He said that when the bond market matures, businesses can receive long term financing. He said that the MMA and Finance ministry is working closely to achieve this also.