Maldives, September 17, 2024 — The Maldives has been celebrated for its outstanding contributions to Islamic finance, receiving the prestigious Global Islamic Finance Leadership Award at the 2024 Global Islamic Finance Awards (GIFA) ceremony. The event took place on Tuesday evening at Villa Nautica in the Maldives, where Finance Minister Dr. Mohamed Shafeeq accepted the award on behalf of the nation.

The Maldives deserves recognition at the Islamic finance awards due to its impressive advancements and commitment to developing a robust Islamic finance sector. The country has established a comprehensive Islamic financial ecosystem, marked by the launch of the Maldives Islamic Bank in 2011, the introduction of Shariah-compliant financial instruments like Islamic Treasury Bills, and the issuance of sovereign and corporate sukuk. Furthermore, the Maldives has prioritized financial inclusion through products aimed at underserved communities, such as microfinance and Takaful.

In terms of ranking, the Maldives achieved significant milestones in the Islamic Finance Development Index (IFDI), ranking 11th globally for the Top IFDI Countries in 2023 and securing the 4th position in the Governance indicator. These accomplishments highlight the Maldives' dedication to transparency, regulatory advancements, and innovation in Islamic finance, making it a deserving candidate for the Islamic finance award.

In addition to the country's accolade, former Maldivian President Dr. Mohamed Waheed Hassan was honored with the Global Islamic Finance Leadership Award for his significant efforts in promoting Islamic finance, including the establishment of the Maldives Islamic Bank, the Hajj Corporation, and the introduction of Islamic bonds. Dr. Waheed expressed his gratitude for the recognition, which acknowledges the contributions of both current and former leaders in the industry.

The GIFA, founded by Edbiz Corporation in 2011, aims to advocate for Islamic banking and finance while emphasizing social responsibility. The awards celebrate the achievements of individuals, institutions, and governments in this vital sector.

On September 17, 2024, the Maldives also hosted the Global Islamic Finance Summit (GIFS) at Villa Nautica, organized by Cambridge IFA and supported by the President’s Office. As the Strategic Partner for the event, Maldives Islamic Bank brought together over 200 participants from more than 15 countries, including experts, corporate leaders, and government representatives, to discuss the evolving dynamics of Islamic finance.

The summit's theme, "Islamic Finance in a Digital Landscape – Innovation and Sustainability," explored how technology can drive responsible and inclusive financial solutions. Key discussions highlighted the adoption of emerging technologies like artificial intelligence, blockchain, and big data to enhance efficiency and transparency within the sector.

Dr. Humayon Dar, Chairman of the Global Islamic Finance Summit, opened the event, which included two panel discussions. His Excellency Dr. Mohamed Shujau Abdul Hakeem, Minister of State for Islamic Affairs, delivered a special address.

Dr. Mohamed Shujau Abdul Hakeem's address at the GIFA Summit emphasized the importance of Islamic finance in the Maldives, tracing its beginnings from Amana Takaful in 2003 to the establishment of the Maldives Islamic Bank in 2011. He highlighted how Islamic finance contributes to economic resilience through risk-sharing and ethical investments, especially during global financial uncertainties. Dr. Hakeem noted the progress in regulatory frameworks, including upcoming laws on zakat and waqf, aimed at enhancing social finance. He stressed the need for financial inclusion by making Islamic financial products accessible to marginalized communities and encouraged collaboration among stakeholders to drive innovation and growth. Lastly, he proposed strategies for positioning the Maldives as a regional hub for Islamic finance, including developing human capital, leveraging FinTech, and increasing public awareness, while expressing pride in the sector's development.

The first panel discussion, moderated by Mr. Mufaddal Idris Khumri, CEO of Maldives Islamic Bank, focused on "Digital Transformation in Islamic Banking and Finance – Opportunities and Challenges." Experts from various institutions shared insights on the need to embrace technology while upholding Islamic principles.

The second panel, moderated by Dr. Muhammad Imran from Bank Alfalah Islamic Banking, examined "Green Sukuk and Social Finance: Financing a Sustainable Future." Discussions emphasized the growing focus on sustainable sukuk and the role of fintech in enhancing transparency and investor engagement.

In conjunction with the summit, the 14th Global Islamic Finance Awards (GIFA) recognized outstanding achievements in the industry. Notable attendees included former President Dr. Mohamed Waheed Hassan, Finance Minister Dr. Mohamed Shafeeq, and other esteemed leaders from the Islamic finance sector.

The GIFA Lifetime Achievement Award was awarded to Tan Sri Dr. Zeti Akhtar Aziz, former Governor of Bank Negara Malaysia, acknowledging her impactful contributions to Islamic finance. Her visionary leadership has profoundly shaped the global Islamic financial landscape.

Other significant awards included:

·        Islamic Banker of the Year 2024: Dr. Muhammad Imran, Group Head of Islamic Banking at Bank Alfalah.

·        GIFA Transformation Leader Award 2024: Mr. Mufaddal Idris Khumri, CEO and Managing Director of Maldives Islamic Bank.

·        GIFA FinTech Leader of the Year 2024: Arsalaan Ahmed, Board of Directors at Berjaya Capital Berhad.

·        Most Promising CEO of the Year 2024: Mr. Hamid Joda, Founder and Managing Director of TAJBank.

·        GIFA Islamic Finance Advocacy Award 2024: Professor Dr. Aishath Muneeza.

·        Upcoming Personality in Islamic Finance (Academic) 2024: Dr. Latifa Bibi Musafar Hameed, Deputy Vice Chancellor of Research, Community and Industrial Link, Islamic University of Selangor.

·        GIFA Special Award 2024 for Leadership in Legislative and Institutional Reforms: Dato’ Sri Azalina Othman Said, Minister of Law and Institutional Reform, Malaysia.

Additional winners included a diverse range of organizations, from banks to takaful and asset management firms, including Amanah Ikhtiar Malaysia, Moody’s Ratings, Bank Alfalah Islamic Banking, and Meezan Bank, among others. Several esteemed winners were not present to receive their awards, including Saturna Sdn Bhd, Fitch Ratings Ltd, and Emirates NBD Capital.

The events at the Global Islamic Finance Summit and the GIFA Awards underscore the Maldives' commitment to advancing Islamic finance through innovation and collaboration. As the sector continues to evolve, the Maldives aims to leverage technology and sustainable practices to enhance financial inclusion and drive social impact.

Cambridge IFA is a financial services intelligence house specializing in developing analytical tools to evaluate business data and market trends. They provide strategic advice to governments and financial institutions to enhance the competitive advantage of clients in the financial services industry globally.