The Maldives Monetary Authority (MMA) has launched the Tamveel Islamic Finance Initiative to enhance public awareness and provide specialised training in Islamic finance. The initiative, announced during a ceremony attended by key officials, aims to strengthen the country’s position in the sector and develop local expertise.
Speaking at the event, Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed commended the MMA for its efforts and assured the Ministry’s full support. He emphasised the central bank’s crucial role in advancing Islamic finance in the Maldives, drawing parallels with Malaysia, where central bank-led initiatives have significantly contributed to the industry’s growth.
MMA Governor Munawwar stated that the initiative is part of a broader strategy to position the Maldives as a key hub for Islamic finance. “Our goal is to make the Maldives an important hub in the Islamic financial system,” he said.
As part of the initiative, a Capacity Development Fund has been introduced, with an initial allocation of MVR 5 million. This fund will support various educational programs and training opportunities to build expertise in Islamic finance. The International Center for Islamic Finance University (ICFI) also announced its collaboration with the MMA to facilitate training in the field.
To further raise awareness, the Tamveel programme will be broadcast on television throughout Ramadan, featuring educational content on Islamic finance. Additionally, a Tamveel quiz competition will air on TVM, with daily winners receiving an MVR 1,000 gift card from BML Islamic. The participant with the highest number of correct answers will win a fully sponsored Umrah trip for two.
The television programme and quiz competition are being organised in collaboration with local Islamic financial institutions and Public Service Media (PSM). Participating institutions include BML Islamic, Maldives Islamic Bank, Allied Insurance, and the Maldives Center for Islamic Finance Corporation.
