President Dr Mohamed Muizzu has directed the relevant authorities to ensure that all higher education and training loans—both domestic and international—comply with Shariah principles.
He made the announcement on Thursday via a post on his official X account.
As part of the President’s directive, the government will remove the existing one percent administrative fee on loans issued by the Ministry of Higher Education, Labour, and Skills Development, ensuring that no additional charges are imposed beyond the principal amount.
Additionally, the government will adjust loan amounts for previous borrowers by deducting the administrative fee from their outstanding balances, under this initiative.
The Ministry had issued loans to more than 1,000 students last year.
The government has launched efforts to compile a register of Maldivians studying abroad which was designed to include both government scholarship recipients and students studying privately.
The Ministry in December last year said 2,116 students have registered since the process was opened, which includes 915 male and 1,201 female students.
These students include students on bilateral scholarships, government scholarships, government loans and students studying at their own expense or through other private means, the Ministry had said.
Developing a skilled and well-educated workforce for the development of the nation, and ensuring the provision of employment opportunities in various fields, is a pledge of President Dr Muizzu.