MMA Launches Competition To Advance Islamic Finance And Financial Inclusion

The Maldives Monetary Authority (MMA) has launched the MMA Tamweel Impact Pitch Challenge, a competition aimed at promoting innovative solutions to strengthen financial literacy, financial inclusion, and Islamic finance in the Maldives.

The challenge invites individuals and teams to develop Shariah-aligned solutions that combine finance, technology, and ethical values to address key challenges and support the growth of Islamic finance.

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The competition is divided into two tracks: Pioneering Islamic Finance Solutions and Policy and Research for Inclusive Islamic Finance. It began on 1 August and will conclude with an award ceremony on 15 November.

Participation is open to individuals and teams of up to three members, aged 18 and above, from any country. Employees of the MMA and partner organisations are not eligible. Proposals must be relevant to the Maldivian context and align with the themes of the chosen track.

Winners of the first track stand to receive cash prizes of up to MVR 30,000, along with opportunities for seed funding, pilot grants, mentorship, and collaboration. For the second track, a total of MVR 100,000 in funding is available, in addition to mentorship and capacity-building support.

Applications must be submitted by 11:59 pm Maldivian time on 31 August.