President Dr Mohamed Muizzu has announced his administration’s strategic vision to establish the Maldives as a key regional financial centre with a focus on Islamic Finance, powered by digital economic transformation.
The announcement came during the official launch of the Maldives Islamic Social Finance Initiative held on Wednesday morning. Speaking at the event, President Muizzu said the initiative represents a vital step aligned with the upcoming National Financial Inclusion Strategy and underscores the administration’s commitment to sustainable national development.
He highlighted that the Maldives’ national identity is deeply rooted in values such as compassion, justice, and social equity — core principles of Islamic social finance. “This initiative is not just a programme; it is a call for collective action,” President Muizzu stated, urging stakeholders to embrace their roles in shaping an inclusive financial future.
The President expressed confidence that the initiative would pave the way for strategic partnerships between the financial sector and civil society organisations, aimed at addressing the country’s diverse socio-economic needs.
In a major announcement, President Muizzu revealed that a National Master Plan and Roadmap for Islamic Economics and Finance is currently in development with support from the Islamic Development Bank. The Master Plan is expected to define a robust framework for Islamic Finance in the Maldives, integrating digital innovation and backed by legal reforms to modernise the regulatory environment.
The event also saw the launch of the Maldives Monetary Authority’s Islamic Social Finance research report. Additionally, the President received a ‘commitment letter’ from the Bank of Maldives and Maldives Islamic Bank, marking further institutional support for the initiative.
The Maldives Islamic Social Finance Initiative is set to play a pivotal role in the country’s broader economic transformation, aligning traditional values with modern financial systems and digital progress.