CMDA and Islamic Ministry sign agreement to develop Islamic finance

Ministry of Islamic Affairs and Capital Market Development Authority (CMDA) have signed an agreement to develop Islamic finance and Islamic capital market in the Maldives.

The agreement was signed on behalf of CMDA by its CEO Fathimath Shafeega, and on behalf of Islamic Ministry by Minister Mohamed Shaheem Ali Saeed.

At the ceremony, Shafeega said that the agreement would facilitate the development of Islamic finance and Islamic capital in the Maldives, and the establishment of ‘Maldives Centre for Islamic Capital Market and Finance’ in the Maldives.

“The establishment of the Islamic finance centre would allow the provision of various Islamic finance services from one location,” she said.

She said that this would also facilitate cooperation between government institutions to overcome the challenges faced in the expansion of Islamic finance and Islamic capital market in Maldives.

Islamic Minister Shaheem said at the ceremony that Islamic Ministry will fully execute its responsibilities as per the agreement.