Islamic Finance: MMA Partners with INCEIF, Explores Financial Centre and Capacity Building

The Maldives Monetary Authority (MMA) has signed a Memorandum of Understanding (MoU) with INCEIF University to develop a skilled talent pool that will drive innovation and sustainable growth in the Islamic finance industry in the Maldives.

INCEIF University, established by Bank Negara Malaysia, is recognised globally for its commitment to developing human capital in the Islamic finance industry. The MoU between MMA and INCEIF will focus on knowledge sharing, training programs, and capacity building, designed to equip Maldivian professionals with the expertise needed to lead and sustain the Islamic finance sector.

Governor Ahmed Munawar also held high-level discussions with key leaders from Labuan Financial Services Authority (Labuan FSA), including Chairman Dato’ Wan Mohd. Fadzmi and Director General Nik Mohamed Din Nik Musa. These discussions centered around leveraging Labuan’s success as a financial hub to inform the Maldives’ efforts to establish its own international financial centre.

The meetings highlighted the potential for the Maldives to create a dynamic international financial hub, drawing on Labuan’s experience in fostering growth and stability in the financial sector. Governor Munawar also engaged with Datuk Iskandar Mohd. Nuli, Executive Chairman and CEO of Labuan International Business and Financial Centre (IBFC) to explore further collaborative opportunities.

In line with MMA’s broader strategy to enhance Islamic finance, Governor Munawar met with the Association of Shariah Advisors in Islamic Finance (ASAS). These discussions focused on building capacity in Shariah governance and advisory services, ensuring the Maldives has the expertise and regulatory framework to support a thriving Islamic finance ecosystem.

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