Maldives, Central Bank, Maldives Monetary Authority (MMA) Governor Ahmed Munawwar has described the Maldives Islamic Social Finance Initiative (MISFI) as an important project in the country's efforts to position the island nation as a hub of Islamic finance.
Speaking during the launching ceremony of the MISFI on Wednesday morning, the Governor hailed the project as an important objective of MMA's 2025 to 2027 strategic plan, adding that the project will elevate the country's financial system to new heights.
Munawwar described the initiative as an important step to position Maldives as an Islamic finance hub at regional level. The project will increase social equality and economic participation across the population, he added.
"This project will establish social equality, facilitate economic participation and sustainable development of Islamic finance, establish justice, equality and participation of all in the country. The most important goal of this initiative is to ensure equal economic participation at an individual level,” the Governor explained.
Munawwar said this is a remarkable example of policies being formulated on research.
University Islam Selangor Vice Chancellor Mohammed Farid Ravi bin Abdullah, speaking during the ceremony said the success of Islamic Finance will provide assistance to vulnerable people in society.
He said the system, which is already being implemented in Malaysia, is an important initiative to address problems in society.
The MISFI is a special fund established by the MMA in collaboration with the Bank of Maldives (BML) and the Maldives Islamic Bank (MIB). The MMA has allocated USD 1.3 million, MIB pledging USD 1.9 million and BML pledging USD13 million for the next three years with the Ministry of Social and Family Development to identify social areas in need of investment.