President Ibrahim Mohamed Solih has said that the administration envisions the development of the Maldives as a regional Islamic Finance hub. He made the statement during his remarks at the opening ceremony of the Capital Market Forum 2019.
The forum, held in Bandos Maldives, is jointly organised by the Capital Market Development Authority (CMDA) in collaboration with the Maldives Stock Exchange (MSE). It is held as a platform for stakeholders to deliberate on the development of the Maldives’ capital market towards achieving business growth and social harmony.
Emphasizing on the vision of the Maldives as an Islamic Finance hub in the region, President Solih stated that the capital market needs to be developed as a means for the government and private companies to finance the development of the growing sectors of Islamic Banking and Islamic Finance. He said that the development of the capital market is crucial for the growth of the financial industry and the economy as a whole.
The forum, the first of its kind in the Maldives, is themed ‘Capital Market for Social Harmony.’ Addressing this theme, President Solih stated that the capital market has a meaningful role to play in ascertaining national prosperity since social harmony correlates with the financial condition of the citizens.
Underlying the role of conventional and Islamic banking sectors in financing the development of Small and Medium Enterprises (SMEs), President Solih stated that the growth of the capital market would be a further help in alleviating financial constraints and urged for more investment in the capital market to facilitate financial stability for SMEs. He also spoke about the role of investment banking and Public-Private Partnerships to finance the socio-economic development of the country and the development of Islamic Tourism through the Islamic Capital Market.
During the function, President Solih presented Listing Tokens to eight companies listed on the MSE. He also received a plaque of appreciation from CMDA and MSE, presented to him by Fathimath Abdullah Kamaludeen, Acting CEO of CMDA, and Mohamed Aushan Latheef, CEO of MSE.
The forum features interactive presentations and panel discussions with policymakers, leaders in the financial sector, entrepreneurs and investors, blended with networking opportunities. It acts as a platform for stakeholders to deliberate on the challenges and opportunities for the development of the capital market of the Maldives.