The Maldives Monetary Authority (MMA) has introduced the 'MMA Tamweel Islamic Finance Initiative,' an ambitious programme aimed at increasing awareness of Islamic financial services and expanding training opportunities in this sector.
Inaugurated by Dr Mohamed Shaheem Ali Saeed, the Minister of Islamic Affairs, the initiative articulates two primary objectives: enhancing public understanding of Islamic financial services and broadening training opportunities. In his keynote address at the launch ceremony, Minister Shaheem lauded the central bank's steadfast commitment to financial education and awareness. He assured that the Islamic Affairs Ministry would continue to provide unwavering support and cooperation to the MMA in its efforts.
Minister Shaheem also underscored the critical role the central bank plays in advancing Islamic finance in the Maldives, drawing comparisons to the successes seen in Malaysia, where the sector has thrived under the guidance of its central bank.
Addressing the function, MMA Governor Ahmed Munawar outlined the central bank's strategic initiatives to boost awareness and expand training opportunities in Islamic financial services. A key feature of the initiative is the newly established capacity development fund, which will be utilised to enhance sector-specific training. The fund's initial allocation amounts to USD 324,423.74, according to the central bank, dedicated to supporting educational and training programmes in Islamic financial services.
The MMA also announced that sponsorships will be provided through the fund for various courses and training initiatives. The International Centre for Education in Islamic Finance (INCEIF) of Malaysia has pledged its support to the Maldives' central bank in these capacity-building efforts.
Adding a multimedia dimension to the initiative, the MMA Tamweel Islamic Finance Initiative will feature a television awareness campaign. During Ramadan, a dedicated programme titled 'Tamweel' will air on Television Maldives (TVM), complemented by an Islamic finance quiz competition. According to the MMA, participants will have the opportunity to win daily gift cards worth USD 64.87 from Bank of Maldives (BML) Islamic, with the highest-scoring contestant receiving the grand prize of an Umrah trip for two.
The televised awareness campaign is a collaborative effort between the MMA and Public Service Media (PSM). Other stakeholders in the MMA Tamweel Islamic Finance Initiative include key Islamic financial institutions such as BML Islamic, Maldives Islamic Bank (MIB), Allied Insurance, and the Maldives Centre for Islamic Finance Corporation (MCIFC).