MVR 250 million Islamic social financing initiative launched

A massive MVR 250 million Islamic social financing initiative aimed at assisting women and people with special needs was launched on Wednesday.

Maldives Islamic Social Finance Initiative (MISFI) is spearheaded by central bank, Maldives Monetary Authority (MMA) in collaboration with Maldives Islamic Bank (MIB) and Bank of Maldives (BML) Islamic.

Under this project, BML, MIB and MMA will contribute MVR 200 million, MVR 30 million and MVR 20 million, respectively, in financial assistance over the course of the next three years.

The project was inaugurated by President Dr. Mohamed Muizzu during a ceremony held at Kurumba Maldives on Wednesday morning.

Speaking at the ceremony, President Muizzu said MISFI is inspired by the forthcoming National Financial Inclusion Strategy and marks a strategic step forward in advancing the nation’s development agenda. He emphasized that the Maldives’ unified identity is grounded in enduring values of compassion, justice, and social equity — principles that form the essence of Islamic social finance and which this initiative seeks to uphold.

“My appeal is to not see this initiative as merely a program but rather a call for collective action,” he added.

MMA’s Governor Ahmed Munvvar, who also spoke at the launching ceremony, underscored that the central bank’s 2025-2027 strategic plan includes a focus on further expanding Islamic finance in the Maldives.

He added that the project launched today will help drive economic development and enhance public participation in efforts to achieve financial equality across society.

MIFSI was designed based on a model of Malaysia's Sadaqa House Bank Islam. For this purpose, MMA had conducted a research in collaboration with Malaysia's Selangor Islamic University.

Wednesday’s launching ceremony was attended by cabinet ministers and senior officials from relevant authorities.