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Islamic finance in the Maldives.

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slamic finance is one of the fastest growing industries in the world today with over $1 trillion in its assets worldwide. Even though modern Islamic financing based on sharia principles was born in the Middle East in 1970’s, today it has reached our tiny nation.

Although an Insurance company based on Islamic finance was open on 2003, Maldivian Islamic finance industry really took its growth on 2011 with its first Islamic bank. The bank grew double in its size each year for the first few years and has since been growing steadily with the huge demand from the public. Building its out station branches on all major population centers and along with the introduction of an Islamic banking window at the national bank, Islamic banking is accessible in every corner of the nation.

Future of Islamic banking in the Maldives

Since the beginning Islamic finance has faced many obstacles in the country. Starting from legal issues to regulatory issues faced during its infancy in the Maldives,  it’s now fair to say that current market favors Islamic finance.

Today, Islamic financing regulatory bodies are formed and functional allowing the industry to grow in the right direction with oversight. More and more service providers are joining including private sector participation by companies who provide different products under the principles of Islamic finance.

Under the administration of President Yameen, the economy of Maldives was set to so that the Maldives would become an Islamic finance hub in the world. This initiative was launched under the umbrella of the Islamic university of Maldives  where teaching Islamic finance was made a priority. Today we see a reasonable number of graduates with thorough knowledge each year joining this industry ensuring the future of this industry is in good hands.

With proper investing options to Islamic financing providers such as a growing housing industry in Maldives where people prefer Islamic finance as the primary method to obtain a home and also with the current government’s intention to introduce halal tourism will create a whole new platform for Islamic finance to grow in the Maldives. Likewise with Islamic bonds (sukuk) Islamic finance today has enough opportunities to invest in the economy and grow along with it.

Although under the economic recession due to COVID 19 and due to huge number of loans of borrowed by the government, the Maldivian economic growth is at halt but the popularity of Islamic finance has grown significantly due to the burden people had to take due to interest from conventional banks. Mr. Ahmed Ali who talked to MNN said “I took a loan of MVR 70,000 two year ago, I had to differ my loan due to COVID 19 but I wished I had not because still my loan is nearly 70,000 due to interest occurred during the COVID period which if deferred the loan”.

With educated youths joining Islamic finance industry and increasing investment opportunities along with the public popularity Islamic finance has a bright future in this country.

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Microsoft’s Windows 11 is officially on the way.

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Microsoft has officially announced the next version of Window today, which will be Windows 11. After months of teases and leak, Windows 11 is expected to arrive in the last quarter of this year. Microsoft has promised to make it available as a free upgrade to eligible Windows 10 users and to new PC’s from this year’s holiday.

Microsoft redesigns the user interface for Windows 11, with a centred Start menu and Taskbar. Live tiles are replaced with a grid of icon that can be rearranged and pinned to Start. There are also new Widgets feature that houses things like your calendar, weather, sports leaderboard, and latest news. System Tray also was improved with a new split Notification and Quick Action user interface.

Microsoft’s Panos Panay, Chief Product Officer, Windows + Devices wrote on Microsoft blog “We’ve simplified the design and user experience to empower your productivity and inspire your creativity. It’s modern, fresh, clean and beautiful. From the new Start button and taskbar to each sound, font and icon, everything was done intentionally to put you in control and bring a sense of calm and ease. We put Start at the center and made it easier to quickly find what you need.”

One of the surprises of the event was Microsoft’s announcement that it will be using Amazon’s Appstore to bring Android apps to Windows 11. Microsoft will be utilizing Intel’s Bridge technology to make Android apps work on Windows 11.

During the closing remarks, Microsoft Chairman and CEO Satya Nadella said “Windows recognizes that there is no personal computing without personal agency. Personal computing requires choice, and we need to nurture and grow our own agency over computing itself. We want to remove the barriers that too often exist today and provide real choice and connection.”

He laid out his vision for Windows 11 as a “platform for platform creators,” and in doing so, he issued a subtle but nonetheless stinging critique of Apple.

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In Videos: Chinese FM Wang Yi chairs high-level meeting of BRI Asia-Pacific.

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E-Learning programme launched by Visit Maldives in the German market

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Visit Maldives has launched an e-learning programme with FVW Akademie, one of the leading media channels for the travel industry in Germany, targeting the travel trade of the German speaking markets.

The programme which is set to run from June till November 2021 will educate the participants by showcasing the Maldives as a safe destination, information on the products, travel guidelines and the latest updates of the current situation said Visit Maldives.

According to the article published in the official Visit Maldives website, Approximately 400 attendees are expected to take part in the programme. To incentivize participation, Maldives will also set to feature in two monthly newsletters of FVW with a raffle draw sponsored by Nakai Dhiggiri Resort at the end of the programme.

“This campaign with FVW e-learning is in line with Visit Maldives strategy to strengthen the destination brand as well as the focused promotion of individual products and experiences.” Said Visit Maldives

Visit Maldives also participated in the virtual edition of ITB Berlin held this March, and is currently in a year-long campaign with Connoisseur Circle targeting the luxury segment in the German speaking countries.

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