Development of capital market is vital for economic growth: Solih

The development of the capital market is vital for the growth of Maldives economy and financial industry, says President Ibrahim Mohamed Solih.

Speaking at the opening ceremony of the Capital Market Forum 2019 launched on Thursday at Bandos Maldives, Solih stressed that capital market requires development as a hub for the government as well as private companies to finance the development of growing sectors like Islamic banking.

He went on to emphasize that his government envisions the country’s development to be as a regional Islamic finance hub.

Further, he added that growth of the capital market will be of assistance in increasing financial constraints when it comes to conventional and Islamic banking sectors in financing the development of Small and Medium Enterprises (SMEs).

Urging for more investment in the capital market to facilitate financial stability for SMEs, the President stressed on the role of investment banking and Public-Private Partnerships to finance socio-economic growth of the country alongside the development of Islamic Tourism through the Islamic Capital Market.

An initiative of the Capital Market Development Authority (CMDA) in collaboration with the Maldives Stock Exchange (MSE), the forum provides a platform for stakeholders to deliberate on the growth of the country’s capital market towards achieving business growth and public peace and is the first of its kind in the Maldives.

Revolving around the theme, “Capital Market for Social Harmony”, the forum features interactive presentations and panel discussions with leaders, stakeholders, policymakers, investors and entrepreneurs working together to create networking opportunities.

During the event, Listing Tokens were presented by Solih to eight companies listed on the MSE.

Further, Solih was given a plaque of appreciation from CMDA and MSE from Acting CEO of CMDA Fathimath Abdullah Kamaludeen and CEO of MSE Mohamed Aushan Latheef.