Vice President Abdulla Jihad has stated the importance of a strong and steadfast leadership to tap into the full potential of any developing economy. He made this statement while speaking at the “4th Maldives Islamic Banking and Finance Industry Conference” this morning.
In his speech, the Vice President noted that as a 100% Muslim country, the administration recognizes the importance of Islamic economics for financing the development of the nation. Continuing on, the Vice President shed light on the importance of tapping into the lucrative Halal tourism segment, and the steps being taken by the administration in this regard.
Speaking at the conference, the Vice President indicated that the flexible legal and financial infrastructure made the Maldives an ideal destination for a regional financial center. He also highlighted President Yameen’s vision to make Maldives the main hub for Islamic finance in the South Asia Region.
Pointing out that there were currently 13 institutions offering Islamic finance in Maldives, the Vice President stated the need for more competitive and innovative products; especially to cater to the mega economic projects, and change the livelihood of marginalised segments of society. He commended the increasing participation of women in the Maldives’ finance sector, and noted that the active role played by Maldivian women in promoting Islamic finance made the country exemplary to the rest of the world.
