MMA Signs MoU with IIUM and MNU to Advance Financial Sector and Strengthen Monetary Governance in Maldives

The Maldives Monetary Authority (MMA) has entered into a landmark partnership with the International Islamic University of Malaysia (IIUM) and the Maldives National University (MNU) to advance the nation’s financial sector, enhance Islamic finance capacity, and strengthen evidence-based monetary governance.

The Memorandum of Understanding (MoU), signed by Prof. Emeritus Datuk Dr. Osman Bakar, Rector of IIUM, Dr. Aishath Shehenaz Adam, Vice Chancellor of MNU, and Ahmed Munawar, Governor of MMA, establishes a comprehensive framework for institutional capacity building and human capital development within the financial system. The agreement marks a pivotal step toward creating a skilled financial workforce capable of meeting the challenges of an evolving global economy.

Under the partnership, the three institutions will collaborate on training programs, internships, and knowledge-sharing initiatives designed to boost regulatory expertise and strengthen professional competencies in key areas such as monetary policy implementation, financial systems analysis, and Shariah-compliant regulation. The initiative aims to address the shortage of professionals with expertise in Islamic finance and central banking within the Maldives.

Leveraging IIUM’s global experience in Islamic banking and finance, the collaboration will support the MMA in refining its Shariah-compliant regulatory frameworks and developing innovative Islamic financial instruments. This effort aligns with the Maldives’ ambition to expand its role in the international Islamic finance landscape and harmonize national financial practices with global standards.

The MoU also underscores the importance of joint research on monetary policy, financial stability, and fintech innovation. By integrating academic insight with regulatory experience, the partnership aims to produce evidence-based policy recommendations that reinforce financial system resilience and monetary governance.

Additionally, the institutions will work together to design academic curricula that blend practical central banking knowledge with Islamic finance education, ensuring that future graduates are equipped to meet both domestic and international industry demands. The collaboration will also facilitate ongoing policy dialogues and academic exchanges, fostering stronger connections between scholars, regulators, and financial practitioners.

Through its partnership with IIUM and MNU—both institutions with strong regional and international linkages—the MMA positions the Maldives as a proactive participant in regional financial integration and Islamic finance cooperation.

The agreement marks a significant milestone in the MMA’s strategic vision to develop a knowledge-driven financial ecosystem and establish the Maldives as a regional hub for Islamic finance and regulatory innovation. The collaboration is expected to strengthen institutional foundations, enhance sector-wide expertise, and contribute to sustainable and inclusive economic growth.