Maldives to Launch the First Islamic Finance Magazine

Maldives Center for Islamic Finance Ltd (MCIF) is to launch the first ever Islamic finance magazine, titled ‘Laaba’.

The publication is a first in South East Asia region. It seeks to create a common platform for regional hubs with global partners in engaging in knowledge, sharing ideas and collaboration to develop an influential voice for the region.

‘Laaba’ will focus on issues shaping the sector and future of industry and wider economic sectors. Responsible and ethical finance and its connection to Islamic finance is the focus of the first edition.

A statement released added that ‘Laaba’ focused on ‘bringing together Islamic finance practitioners, financial specialists, stakeholders, global thought-leaders and policy-makers,’

Furthermore, ‘Laaba’ will prioritize on internationalizing ‘Islamic finance in Maldives and South Asian with the objective of creating interlinkages between economies, enabling cross border investment activities through knowledge sharing and innovation,’ the statement noted.

The publication is to be launched at the 2nd International Halal Management Conference (IHMC) on July 17-18 in the Maldives, with Home Affairs Minister Azleen Ahmed making the introduction.

‘This is a momentous time for Maldives and our organization. After two years of hard work we have finally been able to share the strategic vision we have for developing the region as a vibrant hub for Islamic finance. The launch of Laaba will go a long way in making that vision a reality, revealing both opportunities and challenges faced in South Asia to a global Islamic finance audience. We want to see the region build partnerships and enjoy investment in the real sector across South Asia which is home to half a billion Muslim consumers,’ Ibrahim Didi, Managing Director at MCIF said.

‘We want to be able to share the knowledge of practitioners and experts,” says Dr Aishath Muneeza, Chairwoman of MCIF. “And we also hope we can inspire and connect regional and global Islamic hubs, with the aim to develop a stronger industry through shared knowledge.’

She added that Laaba was a vital initiative for the Government of the Maldives and an important tool to progress in Islamic finance and to become a regional hub for the industry.

‘Our aim for this year is to create awareness through sharing information and with this first issue of Laaba we are achieving a substantial part of this goal. We believe Laaba will assist to understand the great potential of Islamic finance. I would like to take the opportunity to thank all the contributors, sponsors and stakeholders who helped to realize this initiative,’ she added.

‘The first issue of Laaba includes some ground-breaking articles including the World Bank‘s look at the role of Islamic finance in supporting SMEs, the role of Islamic social financing seen through initiatives in Indonesia and Kenya and how green financing and impact investing have a key part to play in the future of the industry. Laaba also includes exclusive interviews with CEOs across Maldives financial institutions, including the Maldives Islamic Bank, Maldives Capital Markets Development Authority and the fully-fledged shariah-compliant takaful operator, Amana Takaful,’ the statement concluded.

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