Islamic Financial Consultant | Sharia Advisor & Auditor | Lawyer | Lets Talk about Reforming Financial Sector |
Maldives
Joined March 2016
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@ReefsideMv Sukuk Ijarah is now live for subscription under Maldives Stock Exchange viyana platform (private market segment). viyana.mv
If by number 5. Islamic Finance you meant Maldives Center for Islamic Finance. (MCIF)
It is a paper company. It was initially an SOE back in 2016. It was decided to be dissolved in 2020. But kept as a Special Purpose Vehicle (SPV) for the issuance of a Islamic Treasury Bills.
2 years and 27 days of @MMuizzu.
Auditor General — still buffering since he took @AuditMV office. Billions unaccounted.
Auditor General is Scared of Guizzu & Appathurey.
11 state companies without 2024 audits. Meanwhile 2025 is almost over. 👇
1. HDC
2. STELCO
3. MPL
4. Fenaka
5. Hajj Corp
6. Islamic Finance
7. Sports Corp
8. WAMCO
9. PSM
10. Fund Mgmt
11. RD
@ACC_Maldives @pnc_secretariat @MDPSecretariat #Corruption @MvSpokesperson @TransparencyMV @min_mohst @Midhuamsaud
SPV is necessary to maintian Sharia Compliance of Islamic Treasury Bills.
That is it's major role and function.
You won't find audits of MCIF from 2021 onwards.
Why would it?
It hasn't operated accounts since 2021.
That's right. From 2021 onwards. No capital allocated. No staff.
Just bare minimal board consisting of Ministry of Finance and Planning staff. Who work with no additional remuneration on their roles of MCIF.
With the new legislation, payment of Zakath has become mandatory.
The most defining feature of the law is the Investment of Zakath Funds.
Anyone having basic understanding of the financial system knows the funds need to be invested.
Why?
Collect Zakath in Gold and perhaps Bitcoin.
It has the required intrinsic value and appreciates over time.
Then again, absence of proper liquid local exchange market. Converting them back to MVR for distribution creates foreign exchange losses and logistical nightmares.