Islamic Finance Center represents Maldives for the first time at an international gathering

Maldives Center for Islamic Finance (MCIF) has took part in an international Islamic Finance conference representing the Maldives for the first time.

MCIF took part in a high-level meeting of the Third Round-table on Liquidity Management of the International Islamic Liquidity Management Corporation (IILM).

The two-day conference is being held in Jakarta, Indonesia by the Central Bank of Indonesia and the IILM.

Representing the Maldives is the Chairperson of the MCIF, Aishath Muneeza. Although not a member, the Maldives was invited by the IILM.

Talking to Sun Media from Jakarta, the Chairperson Muneeza said that the challenges on international liquidity management and information on Islamic Finance Institutes would be addressed at the meeting.

The CEO of IILM, Professor Datuk Rifaat Ahmed Abdel Karim of Malaysia spoke at the opening ceremony of the conference.

IILM is an international institution established by central banks, monetary authorities and multilateral organisations to create and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.

There are Central Banks and Islamic Development Bank Groups of nine countries on the governing board of the IILM.

The MCIF was formed by the President Abdulla Yameen Abdul Gayoon on 24 March 2016 in an effort to make the Maldives the center of Islamic Finance in the region.