Maldives Center for Islamic Finance limited and Maldives Securities Depository Company Private Limited has signed an agreement to increase Islamic capital market products.
As per the agreement, financial resources and products needed to develop Islamic Capital Market in Maldives will be provided. Also, funds needed for companies and various projects will be provided via Islamic capital market.
MSDC even now provides the service of accessing capital markets to those companies who require it. MCIF is a government owned company which aims to promote Islamic finance in Maldives. MCIF provides services like structuring of Islamic Finance products, shariah screening and various other related services.
Speaking about today’s agreement the CEO of MSDC Hassan Manik said they met with around 50 shareholders of companies this year and consulted them on how to receive financing via capital market at a cheap price.
“Many people noted that they do not know much about this field. Hence, as per this agreement, we will work with MCIF to provide the service of structure compliant products” said Manik.
MSDC started various services related to capital market this year.
The manager of MCIF Ibrahim Didi said that they are working to make Maldives a regional hub for Islamic Financing. “So, developing Maldivian Capital Market with this vision is important. Under this agreement the companies that are listed on stock exchange will be shariah screened” said Ibrahim Didi.
MSDC signs agreement with MCIF to increase Islamic capital market products
