Ameer: IECD could play an important role to develop SME bank

Minister of Finance Ibrahim Ameer stated that Islamic Corporation for the Development of Private Sector (ICED) could play a huge role in the development of the newly introduced SME Bank.

I an event held in Kurumba Maldives to sign the agreement of shareholders of Maldives Islamic Bank (MIB) to sell shares to public this Tuesday night, Finance minister stated that IECD played an important role in the development of the very first Islamic Bank in Maldives, Maldives Islamic Bank (MIB).

IECD holds 70 percent of MIB shares.

IECD is a company that works for the development and improvement of Islamic Finance. The company holds shares in finance companies of Asia, Africa and Middle-East.

Speaking in the even of Tuesday night Minister said that the role of Islamic Finance in the Financial Sector of Maldives is big since Maldives is an Islamic nation.

“SMEs play a huge role in the Maldivian Economy. It will allow citizens to play a part in the sustainable development of the economy,” said Ameer while mentioning that the government introduced the SME Bank to help the Private Individuals and Local businesses to gain financial aid.

He said that as IECD is a financial Institution that has played an important role in the development and growth of Banks run in different parts of the world, they could play an important role in the development of the Maldivian SME Bank.

“At the time the government has no plans to go into the international scope. But we have opened up the doors for public and private partnerships. I hope that the Maldivian government could collaborate with IECD to achieve important goals,” said Ameer.