The Maldives Monetary Authority has launched the Maldives Islamic Social Finance Initiative, a strategy to integrate Islamic social finance into the Maldives’ Islamic banking framework and channel Shariah-compliant resources to socially impactful and development-oriented projects. The initiative is designed to enable participation by individuals and private corporations through a structured framework aligned with the National Financial Inclusion Strategy. MISFI will use instruments including Sadaqah, Waqf and Islamic crowdfunding, drawing on international models such as Bank Islam Malaysia’s Sadaqa House, and is positioned to deliver tech-driven financial products under a transparent and accountable approach. At launch, Bank of Maldives and Maldives Islamic Bank pledged MVR 200 million and MVR 30 million, respectively, over the next three years, alongside an MVR 20 million commitment from the MMA, bringing total pledged funding for MISFI programmes to MVR 250 million. MISFI will move into a pilot phase focused on developing digital platforms and rolling out new financial products targeting vulnerable and underserved communities, with the model intended to scale and evolve over time.
Maldives Monetary Authority 2025-05-07
Maldives Monetary Authority launches the Maldives Islamic Social Finance Initiative with MVR 250 million pledged for Shariah-compliant social finance programmes
The Maldives Monetary Authority launched the Maldives Islamic Social Finance Initiative to integrate Islamic social finance into the national banking framework, focusing on socially impactful projects. It will use instruments like Sadaqah, Waqf, and Islamic crowdfunding, with initial funding of MVR 250 million from Bank of Maldives, Maldives Islamic Bank, and the MMA. The pilot phase will develop digital platforms and financial products for underserved communities, aiming for scalable growth.