Gov’t to Establish the Maldives as a Financial Center Focused on Islamic Finance

President Dr Mohamed Muizzu stated yesterday at the opening ceremony of the Maldives Islamic Social Finance Initiative that his administration’s vision is to establish the Maldives as a key financial centre focused on Islamic Finance, driven by digital economic transformation.

The President’s Office reported that President Muizzu highlighted the forthcoming National Financial Inclusion Strategy as the inspiration behind launching the Maldives Islamic Social Finance Initiative. He described it as a strategic step toward advancing the country’s development agenda.

advertisement

advertisement

advertisement

Muizzu emphasised that the Maldives’ unified identity is rooted in enduring values of compassion, justice, and social equity, principles which are at the heart of Islamic social finance that this initiative aims to uphold. He urged stakeholders to view the initiative not merely as a programme, but as a call to collective action.

Expressing optimism, President Muizzu stated that the initiative would foster vital partnerships between the financial sector and civil society organisations to meet the diverse needs of the population.

In concluding his remarks, the President announced the ongoing development of a National Master Plan and Roadmap for Islamic Economics and Finance, supported by the Islamic Development Bank. He explained that the Master Plan would lay out a comprehensive ecosystem for Islamic finance and digital innovation in the Maldives. To realise this vision, he reaffirmed the Government’s commitment to implementing legal reforms that enhance the existing legal framework.

During the event, President Muizzu also inaugurated the Maldives Monetary Authority’s Islamic Social Finance research report and accepted a ‘commitment letter’ from the Bank of Maldives and Maldives Islamic Bank.