The Malta Islamic Finance Association (MIFA) has been set up with government backing to promote links with the global Islamic finance industry.
It is the first and only national body of its kind created by statute and endorsed by the Maltese government.
It will liaise with governments, quasi-governmental institutions, multilateral organisations, standard-setting bodies, agencies and regulatory authorities in support towards its goals.
Parliamentary Silvio Schembri, who attended the association's launch, said Government intended to draft amendments to laws that would allow permit Islamic financial institutions to enjoy stronger links with EU member states.
"Malta can be a place for Islamic finance to incorporate and discover new technologies in its operations," Dr Schembri said.
The Secretary General of MIFA, Sheikh Bilal Khan, commented, “With Brexit on the horizon, MIFA has the strong possibility of positioning Malta as the European Centre of Islamic Finance and, with the benefit of EU passporting rights and Malta’s Commonwealth membership, Malta can also serve as a gateway to Commonwealth markets across the globe.”
“Indeed it is the epicentre of half a billion population between Europe and North Africa and in turn to the wider Middle East. This makes Malta a melting pot of European and Islamic cultures and as such its inhabitants are regarded as Europeans with an Arab swagger.”
