President Dr Mohamed Muizzu has announced a national vision to position the Maldives as a leading financial centre for Islamic finance, underpinned by digital economic transformation. The initiative was introduced during the launch of the Maldives Islamic Social Finance Initiative, a strategic effort aimed at advancing the nation's development agenda.
Inspired by the forthcoming National Financial Inclusion Strategy, the initiative seeks to foster collaboration between the financial sector and civil society organisations to address the diverse needs of Maldivian society. Underscoring the importance of collective action, President Muizzu stated, "I remain hopeful that this benevolent initiative would foster critical partnerships between the financial sector and civil society organisations in addressing the diverse needs of our society."
At the core of the initiative is a commitment to the Maldives' unified identity, shaped by enduring values of compassion, justice, and social equity. "Our unified identity as a nation lies in our timeless values of compassion, justice, and social equity," the president remarked. "These are also the essence of Islamic social finance, which this initiative aims to achieve."
Strengthening ties between financial institutions and civil society is a central objective, with the initiative designed to create a robust system to support those in need. The effort, the president noted, aligns with principles long upheld by Maldivians, including social justice and equality.
The initiative also reflects a broader philosophy on national development. President Muizzu stressed that progress cannot be measured solely by economic prosperity. "As we embark on this promising journey, let us be guided by the enduring principle that true progress is not measured solely by economic prosperity, but by the dignity we uphold, the hope we inspire, and the opportunities we create for every citizen," he stated.
Ensuring every individual is afforded a dignified life remains a priority. Within the framework of Islamic banking, tools such as Sadaqah, Waqf, and Islamic crowdfunding are envisioned to financially empower vulnerable groups and establish social justice.
To support this vision, the government is developing the National Master Plan and Roadmap for Islamic Economics and Finance with assistance from the Islamic Development Bank. "This Master Plan would chart a comprehensive ecosystem for Islamic Finance and digital innovation in the Maldives," President Muizzu stated. "For the realisation of this bold vision, my Government is committed to introduce enabling laws to optimise the current legal framework."
The launch event also marked the inauguration of the Maldives Monetary Authority's (MMA) Islamic Social Finance research report. Commitment letters from the Bank of Maldives (BML) and Maldives Islamic Bank (MIB) signalled institutional support for the initiative.