A Malta Islamic Finance Association has been set up with government backing to promote links with the global Islamic finance industry.

It will liaise with governments, quasi-governmental institutions, multilateral organizations, standard-setting bodies, agencies and regulatory authorities in support towards its goals. 

The Parliamentary Secretary for Financial Services, Silvio Schembri, who was present for the association's launch, said the government intends to draft legislative amendments that will permit Islamic financial institutions to enjoy stronger links with EU member states, amongst other opportunities.”  

"Malta can be a place for Islamic finance to incorporate and discover new technologies in its operations," Dr Schembri said, adding that the Malta Islamic Finance Association (MIFA) is the first and only national body of its kind created by statute and endorsed by the Maltese government.

The Secretary General of MIFA, Sheikh Bilal Khan, remarked: “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.” R

Reuben Buttigieg, association president, also noted that Malta is standing out as one of the leading FinTech capitals and in the digital world and as the premier blockchain island with leading exchanges and international organisations moving their headquarters to Malta.