Maldives: The Global Islamic Finance Summit (GIFS) was held on September 18, 2024, at Villa Nautica, Paradise Island, Republic of Maldives. This event was supported by the President’s Office and organised by Cambridge IFA, a financial services intelligence house. Maldives Islamic Bank was the Strategic Partner for the Global Islamic Finance Summit that brought together experts, corporates, C-level executives, businessmen, government representatives, and influential market players to discuss and deliberate on the dynamics of the ever-evolving financial system, the needs of the modern world, and potential of Islamic finance to provide innovative solutions for financial inclusion and social impact investment.

The Summit's theme, "Islamic Finance in a Digital Landscape – Innovation and Sustainability," examined the synergy between Islamic finance and digital innovation. The discussions revolved around exploring how technology can be harnessed to develop responsible and inclusive financial solutions, highlighting the latest innovations, challenges, and growth opportunities in this evolving field.

The summit which brought together over 200 participants and panellists from over 15 countries featured a series of keynote speeches, panel discussions, and networking opportunities. Participants, including senior executives from banks, asset management firms, social sector organisations, and rating agencies, shared their experiences and discussed the challenges they face in their respective organisations and countries. They agreed on the importance of adopting emerging technologies like artificial intelligence, blockchain, and big data to improve efficiency, transparency, and customer satisfaction.

Dr Humayon Dar, Chairman of the Global Islamic Finance Summit, formally opened the event, which included two panel discussions. His Excellency Dr Mohamed Shujau Abdul Hakeem, Minister of State for Islamic Affairs, Maldives, graced the occasion with a special address.

The first panel discussion on ‘Digital Transformation in Islamic Banking and Finance – Opportunities and Challenges’, was moderated by Mr Mufaddal Idris Khumri, Chief Executive Officer and Managing Director of Maldives Islamic Bank. The Panelist included Mr Iyad Asali, General Manager, Islamic International Arab Bank PLC; Mr Irfan Siddiqui, Founding President and CEO, Meezan Bank; Mr Rashid Rashid, Head of Islamic Banking, CRDB Al Barakah Banking; and Mr Ibrahim Riyaz, General Manager, Amana Takaful (Maldives) PLC.

Digital transformation in Islamic finance requires a fundamental shift. We must embrace technology while upholding Islamic principles and financial inclusion. FinTech offers a promising path forward, transforming traditional practices without compromising values. By addressing these challenges, we can successfully navigate the digital landscape and create a more inclusive financial system.

The second panel discussion on ‘Green Sukuk and Social Finance: Financing a Sustainable Future’ was moderated by Dr Muhammad Imran, Group Head of Islamic Banking at Bank Alfalah Islamic Banking. The panellists included Mr Nitish Bhojnagarwala, Senior Vice President/Manager, Moody’s Ratings; Mr Arsalaan (Oz) Ahmed, Board of Directors, Berjaya Capital Berhad; Mr Halil Demir, Chief Executive Officer, Zakat Foundation of America; and Ms Sabeen Saleem Chief Executive Officer Islamic International Rating Agency.

Green banking is gaining traction in Islamic finance, with new players emerging and a growing focus on sustainable sukuk. Despite the potential of sukuk issuance, transparency issues persist. Nonetheless, sustainable sukuk is on the rise, spurred by government support. FinTech, especially generative AI, offers opportunities to enhance processes and broaden the scope of green sukuk. Rating agencies and sustainability frameworks play a crucial role in ensuring transparency and meeting investor needs, which increasingly include social impact alongside financial returns.

In conjunction with the Summit, the 14th Global Islamic Finance Awards (GIFA) recognised outstanding achievements in the industry, honouring individuals and institutions that have made significant contributions to the growth and development of Islamic finance. The event was graced by His Excellency Dr Mohamed Waheed Hassan, Former President of the Republic of Maldives, Her Excellency Madam Ilham Hussian, Former First Lady, His Excellency Dr Mohamed Shafeeq, Finance Minister of the Republic of Maldives, His Excellency Dr Mohamed Shujau Abdul Hakeem, Minister of State for Islamic Affairs, His Excellency Dr Muhammad Shaheem Ali Said, Minister of Religious Affairs, Her Excellency Hawwa Lateef, Deputy Minister of Religious Affairs, Honorable Anara Naeem, Tan Seri Dr Zeti Akhtar Aziz, Former Governor of Bank Negara Malaysia, CEOs, and market leaders from the Islamic finance industry. His Excellency Dr Mohamed Shafeeq, Finance Minister of the Maldives set the stage through his special remarks.

Established in 2011, the Global Islamic Finance Awards (GIFA) have solidified their position as a prestigious accolade within the Islamic banking and finance industry. Held annually in diverse locations worldwide, GIFA celebrates exceptional achievements and contributions to the sector's growth and sustainability.

GIFA’s top award – the Global Islamic Finance Leadership Award – is presented to heads of state or government (or equivalent) for their leadership and advocacy roles in promoting Islamic banking and finance in their respective jurisdictions or globally. The winners of the prestigious GIFA award are recognised as GIFA Laureates. This year, His Excellency Dr Mohamed Waheed Hassan, the former and 5th President of the Republic of Maldives, was named the 14th GIFA Laureate, in recognition of Maldives’ commendable growth and innovation in Islamic finance.

The Global Islamic Finance Leadership Award 2024 (Country Category) was proudly presented to the Republic of Maldives for its astounding progress and dedication to developing the Islamic finance services industry. This award was received by His Excellency Dr Mohamed Shafeeq, the Minister of Finance, on behalf of His Excellency Dr Mohamed Muizzu, the President of the Republic of Maldives.

The GIFA Lifetime Achievement Award, a prestigious award that recognises a lifetime of remarkable achievements and unwavering commitment to Islamic finance, was bestowed upon Tan Siri Dr Zeti Aziz, former Governor of Bank Negara Malaysia. Dr Aziz's visionary leadership and unwavering commitment to the development of Islamic finance have left a profound impact both domestically and internationally. Her pioneering work has significantly shaped the global Islamic financial landscape.

The Islamic Banker of the Year 2024 was presented to Dr Muhammad Imran, Group Head of Islamic Banking at Bank Alfalah. The GIFA Transformation Leader Award 2024 was presented to Mr Mufaddal Idris Khumri, Chief Executive Officer and Managing Director, of Maldives Islamic Bank. The GIFA FinTech Leader of the Year 2024 was won by Arsalaan Ahmed, Board of Directors at Berjaya Capital Berhad. The award for the Most Promising CEO of the Year 2024 was presented to Mr Hamid Joda, Founder and Managing Director of TAJBank. The GIFA Islamic Finance Advocacy Award 2024 was presented to Professor Dr Aishath Muneeza. Dr Latifa Bibi Musafar Hameed, Deputy Vice Chancellor of Research, Community and Industrial Link, Islamic University of Selangor was the recipient of the Upcoming Personality in Islamic Finance (Academic) 2024. The GIFA Special Award 2024 for Leadership in Legislative and Institutional Reforms related to Islamic Finance was presented to Dato’ Sri Azalina Othman Said, Minister of Law and Institutional Reform, Malaysia.

Other esteemed winners included diverse organisations from banks to takaful and asset management firms, microfinance to sukuk and digital solutions. Amanah Ikhtiar Malaysia, Moody’s Ratings, Bank Alfalah Islamic Banking, the Faculty of Islamic Economics and Finance Universiti Islam Sultan Sharif Ali (UNISSA) Brunei Darussalam, DDCAP Group™, ETHOS AFP™, Silverlake Axis, Bank Indonesia, Meezan Bank, FNB Islamic Banking, Labuan FSA, Oasis Crescent Capital, Oasis Crescent Equity Fund, Kenya Reinsurance Corporation, International Turnkey Systems, Malaysian Rating Corporation Berhad (MARC), International Research Centre of Islamic Economics and Finance, Selangor Islamic University, Zakat, Sadaqah and Waqf Division (ZAWAF) Universiti Teknologi MARA (UiTM), Siraj Finance, Seed Out, Islami Bank Bangladesh, Jaiz Bank, CRDB Al Barakah Banking, ZamZam Bank, Halal Product Assurance Organizing Agency (BPJPH) Indonesia, Maldives Islamic Bank, Saba African Bank, Islamic International Arab Bank, BML Islamic, Asian International Arbitration Centre, Zakat Foundation of America, Alia Investments, Marketsall, Amana Takaful Maldives (ATM), and Islamic International Rating Agency, and Bryte Takaful.

Some of the winners were not present in the Maldives to receive their awards. Saturna Sdn Bhd, TAIF Digital Institute, Fitch Ratings Ltd, Arif Habib Dolmen REIT Management Limited, Albilad Capital, Mashreq Al Islami, Standard Bank Shari’ah Banking, Rumah Zakat, arabesque q3.17, Old Mutual Investment Group, RAM Rating Services Berhad, Emirates NBD Capital, alrajhi capital, Tejoori Al Islami - Bahrain Islamic Bank (BisB,) As-Sidq by SEDANIA, As Salam Bank, Eiger Trading Advisors Limited, Aion Digital, Air Lease Corporation, AmBank Islamic Berhad, GFH Financial Group, First Abu Dhabi Bank, Abu Dhabi Securities Exchange (ADX), State Bank of Pakistan, Great Eastern Takaful Berhad, Meethaq Islamic Banking, PT Bank Syariah Indonesia Tbk, Mr Khairul Kamarudin, President & Chief Executive Officer, Bank Muamalat Malaysia Berhad and Mr Rafik Nayed, Group Chief Executive Officer, Al Salam Bank.

GIFA proudly recognises the exceptional achievements of this year's award winners. Their groundbreaking contributions have significantly advanced the sustainability and viability of Islamic banking and finance within the global financial landscape. These visionary leaders are driving positive change and transforming Islamic finance into a powerful force for economic development and social good.

About Cambridge IFA:

Cambridge IFA is a financial services intelligence house that specialises in developing and utilising powerful cutting-edge analytical tools to evaluate business data, assess macroeconomic indicators and understand market trends, leadership positioning and brand development relevant to the development of the financial services industry globally.

The principal activity of Cambridge IFA is developing performance indicators specific to alternative practices of banking and finance. It also aims to provide strategic advice to governments, financial institutions and multilateral organisations in the development of financial markets including alternative banking and finance products, procedures, practices and policies.

Through our strong and invaluable relations with policymakers and private sector industries, we have insights into market and business trends as well as policy changes. This allows us to identify and prioritise common issues and provide perspectives and solutions that are practical, focused and effective; which will increase the competitive advantage of our clients.

Cambridge IFA is a member of the Cambridge-Edbiz Group of Companies headquartered in London.

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