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- Title
ISLAMIC BANKING IN THE MALDIVES.
- Authors
MORRISON, SCOTT
- Abstract
The Maldives Monetary Authority granted the first banking license ever conferred on an Islamic bank in the Republic of the Maldives in 2011. This article examines the stages that preceded the initiation of Islamic banking in this Indian Ocean archipelago nation and culminated with the opening of the Maldives Islamic Bank. The article describes banking and company law for non-Islamic (conventional) banks, outlines the powers of the Maldives Monetary Authority and the countervailing mechanisms of political accountability and judicial review available to banks. The article then details the legal and regulatory framework specific to Islamic banking, examines the development (essentially occurring since 2009) and the current state of the prudential regulation of Islamic financial institutions, with special attention accorded corporate governance and the two-tiered system of Sharī'ah Advisory Councils charged with new product development and the enforcement of Sharī'ah compliance by Islamic financial institutions in the Maldives.
- Subjects
ISLAMIC finance; MALDIVES Islamic Bank (Company); BANKING laws; FINANCIAL institutions; CORPORATE governance; GOVERNMENT policy
- Publication
Harvard Asia Quarterly, 2013, Vol 15, Issue 3/4, p47
- ISSN
1522-4147
- Publication type
Article