MMA Launches Tamweel Islamic Finance Initiative

The Maldives Monetary Authority (MMA) has launched the Tamweel Islamic Finance Initiative, a comprehensive effort aimed at raising awareness and capacity development in Islamic finance.

Under this initiative, two key projects will be implemented:

1. Raising awareness about the Islamic financial system in the Maldives.

2. Training and capacity development to build expertise in the field.

Speaking at the launch event, the Minister of Islamic Affairs commended the MMA's efforts and assured the Ministry’s full support in advancing Islamic finance in the country. He emphasized the pivotal role of central banks in developing Islamic financial ecosystems, citing Malaysia as an example where central bank-led initiatives have driven significant growth in the sector.

MMA Governor Munawar highlighted the institution’s vision to position the Maldives as a key hub for Islamic finance. As part of this effort, the MMA has introduced a Capacity Development Fund with an initial allocation of MVR 5 million to support courses and training programs in Islamic finance.

Additionally, the International Center for Islamic Finance University (INCEIF University) has announced its collaboration with the MMA to provide training opportunities in the field.

To enhance public awareness, a dedicated TV program, Tamweel, will be aired during Ramadan 1446, along with a Tamweel quiz competition on TVM. This initiative is a joint effort between the MMA, local Islamic financial institutions, and Public Service Media (PSM), with participation from:

• BML Islamic

• Maldives Islamic Bank

• Allied Insurance

• Maldives Center for Islamic Finance Corporation

The Tamweel Islamic Finance Initiative marks a significant step toward fostering knowledge and expertise in Islamic finance, reinforcing the Maldives’ commitment to developing this growing sector.