Island leased to develop a shariah compliant tourist resort!

Island leased to develop a shariah compliant tourist resort!

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Vice President Abdullah Jihad have said that the government has leased an island to Center for Islamic Finance to develop a shariah compliant tourist resort.

Speaking at the opening ceremony of 4th Maldives Islamic Banking and Finance Industry Conference, the Vice President said that this is the first time the government has done this and this will develop the tourism industry of Maldives.

Jihaad said that the revenue generated from the project will go to the state budget and that the money will be used to improve the quality of life.

“Even if Maldives is small, Islamic finance is important for the development of Maldives. Government created Maldives Islamic Finance Center and Khazana Maldives for this reason. These institutions together with other financial institutions have created many new products. HDC also create a product named “Faseyha Madhadhu”. “said the Vice President.

Vice President highlighted the importance given by President Yameen to make Maldives the hub of Islamic financing in South Asia. He said that it can be done. “Government is trying hard to bring more financial institutions to Maldives. The economy of Maldives is developing” said Jihaad.