Islamic finance has gained confidence in Maldives: Deputy Islamic Minister Dr Muneeza
06 Mar 2014, 3:56 PM
Islamic finance has gained confidence in the Maldives with increased awareness among the public of its role in eliminating Riba (interest), according to Deputy Islamic Minister Dr Aishath Muneeza.
Writing in the Islamic Finance News website, Dr Muneeza stated that Islamic finance has been “spreading like wildfire” since the introduction of Islamic banking and capital market services in 2011.
“Demand for Islamic finance is evident and has proved that there is inherent demand for Islamic finance as the Maldives is a country with a 100% Muslim population. It is hoped that in the upcoming years the Maldives can be used as a global case study to prove the success of Islamic finance,” she wrote.
Under Islamic Shariah, any risk-free or guaranteed rate of return on a loan or investment is considered riba, which is prohibited in Islam.
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