Maldives Islamic Bank (MIB) and Islamic Banking and Finance Institute Malaysia (IBFIM) will sign a Memorandum of Agreement (MoA) to set up the first Islamic bank in Maldives, Malaysian national news agency Bernama reported.
Maldives Islamic Bank (MIB) and Islamic Banking and Finance Institute Malaysia (IBFIM) will sign a Memorandum of Agreement (MoA) to set up the first Islamic bank in Maldives, Malaysian national news agency Bernama reported.
According to the agency, the agreement will bind both parties to co-develop Islamic finance in Maldives through extensive study of Maldives’ legal and banking framework to create a harmonise environment for the growth of Islamic finance.
MIB Chairman Khalid Khaled Al-Aboodi and IBFIM Chief Executive Officer Dr Adnan Alias will sign the agreement during the Global Islamic Finance Forum (GIFF) to be held from October 25-28 in Kuala Lumpur.
The agency quoted MIB Managing Director Harith Harun as saying that the bank is expected to be established within the next six months.
On August 3, Maldives Monetary Authority (MMA) issued license to MIB to set up the bank.
Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), a subsidiary of Islamic Development Bank (IDB) holds 70 percent stake in the bank and 30 percent by Maldives government.
Source:Haveeru
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