Pres: Aiming to establish Maldives as key Islamic finance centre driven by digital transformation

President Dr. Mohamed Muizzu states his administration envisions to establish Maldives as a key financial centre focused on Islamic Finance, driven by digital economic transformation.

The President made these remarks while speaking at the launching ceremony of the Maldives Islamic Social Finance Initiative (MISFI) held at Kurumba Maldives on Wednesday morning.

Speaking during the ceremony, President Muizzu said MIFSI’s launch is inspired by the forthcoming National Financial Inclusion Strategy and marks a strategic step forward in advancing the nation’s development agenda. He stressed that the Maldives’ unified identity is rooted in compassion, justice, and social equity—core principles of Islamic social finance that this initiative aims to uphold.

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

The President expressed confidence that the initiative will strengthen key partnerships between the financial sector and civil society organizations to meet the varied needs of the community.

He concluded his remarks by announcing that the National Master Plan and Roadmap for Islamic Economics and Finance is currently underway with the assistance of the Islamic Development Bank.

According to the President, the Master Plan would outline a comprehensive ecosystem for Islamic Finance and digital innovation in the Maldives. He said the government is committed to legal reforms and optimizing the current legal framework to support this bold vision.

MIFSI launched on Wednesday 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.

It is aimed at assisting women and people with special needs.