South Asian Institute of Islamic Finance inaugurated.
South Asian Institute of Islamic Finance has been inaugurated in a ceremony held at Champa Central Hotel yesterday. The institute was created by Maldives Center for Islamic Finance (MCIF).
Home Minister Azleen officially inaugurated the institute. Speaking at the ceremony the chairperson of MCIF Dr.Aishath Muneeza said that Islamic finance was introduced to Maldives in 2003 when Amaanaa Thakaaful started insurance services in Maldives. She said that after that more services were introduced. However, she said that till this date there is no institution to train people in that sector.
“However, President Yameen created Maldives Center for Islamic Finance in 2016 with a very special purpose. Not only to expand Islamic finance in Maldives but he gave MCIF the responsibility to make Maldives a hub for Islamic finance in the region” said Dr.Muneeza
She said that the institute will not only aim to train Maldivians but they aim for South Asia. She said that the institute was given the name “South Asian Institute of Islamic Finance” with the purpose of making Maldives a hub in Islamic finance in this region.
Dr.Muneeza said that since Maldives is a hundred percent Islamic country there is huge support for Islamic finance in Maldives and there is huge potential to train people in this field and make Maldives a hub for Islamic financing in the region. She said that South Asian Institute of Islamic Finance is the first step taken towards reaching that goal.
In addition, she said that the best role model for Islamic Finance can be seen from Malaysia and Malaysia also progressed due to the priority given to develop human resources. She said that Malaysia is the number one in training people for this field.
Dr.Muneeza said that the biggest challenge for Maldives is the lack of trained professionals in this field and Maldives decided to train people for Maldives and the whole region rather than just talking about it.
She said that some people might question whether Maldives has the capacity to do something like this and that she has the answer for that. She said that, courses can be conducted with the use of modern technology and with the help of professionals at a small cost. She said that the achievements of the institutions will be celebrated five years from now.
Dr.Muneeza noted that Maldives have made internationally recognized progress in Islamic finance. She said that now 13 different services are provided in the Maldives and she said that it is a huge achievement within a short period.
