Potential of Islamic finance yet to be fully explored in Maldives, suggests MMA governor

Speaking at the opening ceremony of the first ‘Maldives Islamic Banking and Finance Industry Conference’ yesterday, Dr Azeema said Islamic finance “provides a springboard” to generate innovative ideas to cater to the financing needs of the domestic economy.

“The phenomenal growth of Islamic insurance and Islamic banking in the Maldives in the last few years suggest that there is still significant market to capture,” the central bank’s governor said in her keynote address at the conference.

“There is a need for financial institutions in the Maldives to strive to reach to every corner of the Maldives; every island in the country. There is a need to provide banking services to the unbanked,” said Azeema.