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Monday, 9 August 2010

Maldives issues first Islamic bank license

MALE, August 4, 2010 (HNS) - Maldives Monetary Authority (MMA) Tuesday issued license to Maldives Islamic Bank Private Limited (MIB) to set up the country’s first Islamic bank.

According to the authority’s website, “MMA issued a banking licence to the ‘Maldives Islamic Bank Pvt. Ltd.’ to conduct Islamic banking business in the Maldives, with effect from 2nd August 2010.”

An MMA official told Haveeru that an Islamic bank could be established under the current commercial banks regulations.

“These regulations are suitable for any kind of bank. But we are drafting specific regulations for Islamic banks before the first establishment,” he said.

MIB Managing Director Harish Haaroon said the company would set up the bank by the end of 2011. 

“We hope that the bank will be established within the next six months according to MMA regulations,” he said.

A press release issued by the company read that the bank was formulated on April 1 by the government in collaboration with Islamic Corporation for the Development of Private Sector (ICD). While the government and ICD signed the agreement on October 4, 2009 a Memorandum of Understanding (MoU) was reached on April 12, 2007.

The government also signed agreements with Dubai International Finance Centre’s Ridge Solutions International Holdings on October 15 and Dubai’s Noor Islamic Bank on July 7, 2008.

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