BML establishes Sharia Advisory Committee

The Bank of Maldives (BML) has established a four-member Sharia Advisory Committee as a move towards introducing Islamic Banking Service.

A statement issued by BML today states that the committee is made up of three foreign experts and former Islamic Minister Dr Abdul Majeed Abdul Baaree.

BML said that the Chairman of the Committee is Mohamed Shuaib Umar, who is a member of the Sharia Board of one of the most renowned Islamic Banks in the world, Al Baraka.

The other two members of the Sharia Committee are Acting CEO of Absa Islamic Bank of South Africa, Mufthee Yoosuf Sulaiman, who is also the Head of Sharia Compliance of Barclay’s Africa; and Ziyad Mohamed, who leads training programs on Islamic Banking in Europe and Asia.

BML said that the committee will provide counsel to the bank on issues related to Islamic Banking.

Maldives Monetary Authority (MMA) has granted BML the permission to implement Islamic Banking Services.