The Maldives Monetary Authority (MMA) has officially launched the Maldives Islamic Social Finance Initiative (MISFI), a pioneering strategy aimed at integrating Islamic social finance into the national Islamic banking system. The initiative was formally unveiled by His Excellency President Dr. Mohamed Muizzu at a high-level event attended by key leaders from the financial sector and senior government officials.
MISFI marks a significant milestone in the Maldives’ pursuit of inclusive finance, social justice, and sustainable development through Shariah-compliant mechanisms. Drawing inspiration from globally recognized models like Bank Islam Malaysia’s Sadaqa House, MISFI introduces a suite of Islamic social finance instruments—including Sadaqah, Waqf, and Islamic crowdfunding—geared toward supporting development-oriented and socially impactful projects.
Built on principles of transparency and accountability, MISFI creates a framework that enables both individuals and private entities to contribute to projects that align with the Maldives’ National Financial Inclusion Strategy and the broader values of Shariah. The initiative will roll out innovative, tech-enabled financial solutions and foster multi-sector collaboration to build resilient and inclusive communities.
“Our unified identity as a nation lies in our timeless values of compassion, justice, and social equity. These are also the essence of Islamic social finance, which this initiative aims to achieve,” President Muizzu said at the launch. “Guided by these core values, this initiative institutionalizes instruments such as Sadaqah, Waqf, and Islamic crowdfunding, offering critical solutions to uplift social burdens through the Islamic banking framework.”
Echoing the president’s message, MMA Governor Mr. Ahmed Munawar stated:
“This initiative sets out to foster social equity, enhance economic inclusion, and ensure long-term sustainability through Islamic finance, which is rooted in justice, equity, and shared prosperity. At the heart of this initiative lies a moral commitment to uplifting our communities so that each citizen can become an active contributor to the economy.”
The launch event also witnessed strong financial backing from major partners. Bank of Maldives pledged MVR 200 million, Maldives Islamic Bank committed MVR 30 million, and MMA itself committed MVR 20 million to MISFI over the next three years—bringing the total initial funding to MVR 250 million.
Following the launch, MISFI will enter a pilot phase focused on developing digital platforms and introducing new financial products tailored to vulnerable and underserved communities. Designed as a scalable and sustainable model, the initiative aims to adapt over time to meet emerging social and financial needs across the Maldives