MMA Announces MVR 100,000 Funding Pool for Visionary Islamic Finance Solutions

The Maldives Monetary Authority (MMA) has announced the launch of the Tamweel Impact Pitch Challenge, a nationwide competition aimed at uncovering bold, practical, and values-driven solutions to advance financial literacy, financial inclusion, and Islamic finance in the Maldives.

Open to innovators from the Maldives and abroad, the challenge seeks to harness the power of finance, technology, and ethical principles to shape a more inclusive and equitable financial future for Maldivians. Participants will present ideas or research that address pressing financial challenges, guided by the principles of equity, access, and shared prosperity, while fostering a new generation of changemakers.

The competition is divided into two tracks. Track 1: From Idea to Impact – Pioneering Islamic Finance Solutions targets youth, startups, students, educators, and social entrepreneurs. It is designed for early-stage concepts and prototypes that can strengthen the financial ecosystem through Shariah-compliant solutions. Individuals and teams of up to three members, aged 18 and above, are eligible, except for MMA employees and its partners. Winners in this category will receive cash prizes of up to MVR 30,000, along with potential seed funding, mentorship, and pilot opportunities.

Track 2: From Insight to Impact – Policy and Research for Inclusive Islamic Finance is tailored for academics, researchers, policy experts, consultants, and institutions. This track focuses on research-based and policy-driven proposals to enhance the growth, resilience, and social impact of Islamic finance. Areas of focus include financial literacy campaigns, financial inclusion for underserved groups, social impact initiatives, institutional capacity building, and policy development. Participants will compete for a total funding pool of MVR 100,000, with additional opportunities for collaboration and capacity building.

Both tracks are open to individuals from any country, provided their proposals are relevant to the Maldives’ context and aligned with the competition’s thematic areas. The initiative reflects MMA’s ongoing efforts to nurture innovation and thought leadership in Islamic finance, leveraging both grassroots creativity and academic insight to deliver tangible, lasting impact.

The Tamweel Impact Pitch Challenge is part of MMA’s broader commitment to empowering communities through ethical finance and sustainable economic development. By bringing together diverse perspectives from young innovators to seasoned policy experts, the competition aims to reimagine the nation’s financial future and strengthen its position as a hub for Islamic finance in the region.