Governor of Maldives Monetary Authority (MMA) Ahmed Naseer has revealed Islamic banking and financial services can only be advanced with the introduction of new innovations and by establishing strengthened means to regulate financial technology.
Addressing the ceremony held to inaugurate Maldives Islamic Banking and Financial Industry Conference (MIBFIC), Governor Ahmed Naseer spoke on introduction of new innovations, highlighting the importance of crypto currency for monetary implementations which is established everywhere in the world. However, Ahmed Naseer noted the challenges in implementing crypto currency. In this regard, citing statistics, the governor revealed USD 761 million were circulated as black money via crypto currency, this year alone. It was because a system was not established to monitor such cases, Naseer stated, adding a framework must be established to avoid it.
MIBFIC is organised by UTO EduConsult Sri Lanka, supported by various entities such as Maldives Islamic Bank (MIB) and Adl Capital. Other key partners include Amana Takaful Maldives, Ayady Takaful, Housing Development Finance Corporation (HDFC), Women On Boards (WOB), Maldives Centre for Islamic Finance (MCIF) and KPMG Maldives.
The conference held on the theme Financial Inclusion and Opportunities for the Maldivian Islamic banking and financing Industry, will especially focus on aspects such as financial inclusion, especially with the use of Fintech, whilst also exploring the opportunities that await a country with tremendous potential. Speakers are expected from various corners of the world, including Europe, Africa and Asia who joined their peers from Maldives and elsewhere in South Asia in a day that promises to address a diversity of areas.