An MVR 250 million social financing project aimed to assist women and persons who require community support has been launched today.
The Maldives Social Islamic Financing Initiative [MIFSI] is led by central bank Maldives Monetary Authority, together with BML Islamic and Maldives Islamic Bank.
Under MIFSI, BML Islamic will issue financing of MVR 200 million to persons who require community support over the next three years. MIB will also issue MVR 30 million and MMA, MVR 20 million, in financing.
In the ceremony held at Kurum'ba Maldives to launch the event, President Dr Mohamed Muizzu stated that expanding Islamic Financing is a key component of the government's National Development Plan, stating that it is inspired by the planned National Financial Inclusion Strategy. He emphasized that the government is working towards expanding the financial sector and bringing a revolutionary advancement to the Maldives' economy.
The President expressed confidence that this initiative would build partnerships between the financial sector and civil society organizations to address the needs of society.
MMA Governor Ahmed Munavvar stated that expansion of Islamic Finance in the Maldives is included in the central bank's 2025-2027 Strategic Plan. He announced that efforts will be undertaken to make Maldives a regional Islamic Finance hub within the next ten years.
Munavvar said that MIFSI was designed based on the model of Malaysia's Sadaqa House Bank Islam. MMA conducted a research with Malaysia's Selangor Islamic University for this purpose.
