At Villa Nautica – Paradise Island Resort, more than 240 economists, policymakers, academics and industry leaders gathered for the MMA Research Conference 2025, transforming one of the Maldives’ renowned island resorts into a dynamic hub of ideas and collaboration over two days of intensive discussion on 16–17 November 2025. Held in a setting better known to international visitors for turquoise lagoons and white-sand beaches, the conference highlighted how a nation famed for luxury travel is equally committed to evidence-based policymaking and long-term economic resilience.
The conference was opened with welcome remarks by Governor Ahmed Munawar, who underscored the role of rigorous research in shaping a resilient, inclusive and sustainable economy. He thanked local and international partners for supporting the conference and stressed that every paper, panel and partnership contributes to a more robust future for the Maldives, where tourism remains a vital engine of growth alongside emerging sectors. The ceremony’s Chief Guest, Minister of Education Dr. Ismail Shafeeu, also addressed participants, emphasising the importance of economic literacy and research-driven education in preparing young Maldivians for a rapidly changing global economy.
A key highlight of the opening session was the launch of two major publications that will deepen economic discourse in the country. Minister of Education Dr. Ismail Shafeeu inaugurated The Island Economist, the MMA’s new economic and financial magazine designed to bring research insights closer to the public and business community. Later, Professor Dr. Aishath Muneeza of INCEIF University, Malaysia, officially launched the Maldives Journal of Economics and Finance (MJEF), a dedicated platform for peer-reviewed research on Maldivian and regional economic issues. Together, these publications strengthen the Maldives’ intellectual ecosystem and offer international readers fresh perspectives from a small but globally connected island nation.
Across the two-day programme, participants presented 40 research papers, including contributions from more than 20 international researchers. The studies spanned macroeconomic stability, climate change, fintech adoption, Islamic finance and tourism-related topics, reflecting the Maldives’ ambition to blend its world-leading visitor economy with cutting-edge financial and economic thinking. For a country where tourism accounts for a substantial share of GDP and foreign exchange earnings, rigorous analysis of global shocks, climate risks and financial innovation is critical to safeguarding the appeal and competitiveness of Maldivian destinations for future travellers.
Research excellence took centre stage during the awards ceremony. The Best Paper Award was presented to Mohamed Imthinan Saudulla and Faeza Ahmed Jameel for their study, “Estimating the Impact of Geopolitical Shocks in the Middle East on Tourist Arrivals to the Maldives.” Their work offers timely insights into how developments in key source markets can influence visitor flows to the Maldives, equipping both policymakers and the tourism industry with data to better anticipate and manage external risks. Attendees were given a closer look at their findings as the authors presented their paper during the conference sessions, demonstrating how sophisticated modelling can support more agile tourism strategies.
Another Best Paper Award recognised outstanding scholarship in Islamic social finance. Mohamed Fairooz Abdul Khir, Magda Abdel Mohsin and Hainnuraqma Rahim were honoured for their paper, “Exploring Community-Based Markets through the Integration of Islamic Social Finance and Its Potentials in the Maldives,” presented under Theme 2: Harnessing the Potential of Islamic Finance to Address Economic Challenges and Social Inequality in the Maldives. Their research highlights how instruments such as zakat, waqf and other social finance mechanisms can support community-level markets, reduce inequality and complement tourism-driven growth with more inclusive economic opportunities across the islands.
The MMA Research Fund was another focal point of the event, underscoring the institution’s commitment to nurturing a strong research culture. A Book Grant was awarded to Dr. Fathmath Nishan in support of her work on designing a Maldivian curriculum for Islamic banking and education, an initiative that will help cultivate local expertise in a growing segment of the financial sector. The Collaborative Research Grant went to Professor Paresh Kumar Narayan for a major project on climate change and fintech adoption, exploring how digital financial solutions can enhance resilience in a country acutely vulnerable to rising seas and global shocks.
Two Independent Research Grants were also announced. Mohamed Imthinan Saudulla received support for a study on financial accelerator effects and inflation persistence in the Maldives, shedding light on how financial conditions can amplify economic cycles in a small, open economy. Dr. Mariyam Zulfa was awarded an Independent Research Grant for her project, “Mapping Climate Finance Opportunities to Accelerate Renewable Energy and Climate Action Solutions in the Maldives,” which will identify ways to channel global climate finance into local renewable energy projects and adaptation initiatives, essential to protecting the islands that host millions of visitors each year.
Youth talent and innovation were celebrated through the Tamweel FinLit Fest 2025 activities held alongside the conference. Team EconEdge captured the top spot in the EconQuest Debate Competition, reflecting the strength of the next generation of economic thinkers. A special recognition award was presented to Ali Zaain Ahmed for his remarkable performance in the same competition, highlighting the depth of emerging talent in economic debate and critical thinking. In the Impact Pitch Challenge, Team FinTech took first place with their project “FinLearn”, a creative initiative designed to enhance financial education and empower young people with practical money-management skills. These youth-focused events reinforced the message that a financially literate population is essential for sustainable national development and a stable investment environment.
High-level discussions framed the broader economic vision for the Maldives. Dr. Abdul Hafizh Bin Mohd Azam from Universiti Kebangsaan Malaysia delivered a keynote address titled “Navigating Uncertainty: Rethinking the Effectiveness of Monetary Policy,” examining how small, tourism-dependent economies can manage inflation, external shocks and global policy shifts. Another keynote by Prof. Dr. Monzer Kahf, “Islamic Social Finance: A Solution to System Failure,” explored how faith-based financial tools can help address structural imbalances, promote social justice and support sustainable development—an area increasingly relevant to communities and investors seeking ethical financial solutions.
Panel discussions added rich, practical perspectives from business, telecommunications and development institutions. The session “Charting New Frontiers: Rethinking Economic Growth Beyond Tourism” concluded with forward-looking ideas on how the Maldives can diversify while strengthening its star tourism offering. Moderated by Ms. Idham Hussain, Advisor at MMA, the panel brought together Dr. Azeema Adam (Former Governor of MMA and Senior Inter-regional Adviser at UNDESA), Mr. Iyaz Waheed (Assistant Director of Statutory Compliance, Universal Enterprises), Ms. Fathimath Saeed (Economist and Team Leader at the Asian Development Bank) and Mr. Hussain Niyaz (Chief Commercial Officer, Ooredoo Maldives). Their discussion examined how infrastructure, human capital and digital connectivity can support new sectors, such as fintech, creative industries and renewable energy while continuing to attract high-value visitors to Maldivian resorts.
Another major session, “Beyond Banking – Islamic Finance as a Tool for Social Transformation,” looked at how Islamic finance frameworks can be leveraged for inclusive growth. Expertly moderated by Dr. Latifa Bibi Musafar Hameed, Deputy Vice Chancellor of Research, Community and Industry Link at Universiti Islam Selangor, the panel featured Mr. Mohamed Zikri Mohamed Shairy (Director of Social Finance, Bank Islam Malaysia), Prof. Dr. Aishath Muneeza (Professor and Associate Dean for Students and Internationalisation, INCEIF University), Mr. Hassan Kalaam (Chief Islamic Banking Officer, Bank of Maldives), Ms. Fathimath Nashwa Badeeu (Consultant, Ministry of Economic Development and Trade) and Dr. Hamim Syahrum Ahmad Mokhtar (Deputy Director, Islamic Financial Services Board). The session explored how Islamic finance can support social housing, entrepreneurship, climate resilience and community development, with Dr. Latifa offering insightful remarks that linked research findings to practical policy and industry applications.
Day One of the MMA Research Conference 2025 concluded with closing remarks from Ms. Shifneen Rasheed, Senior Research Analyst at the Maldives Monetary Authority, who thanked participants and partners for contributing to an intensive and inspiring first day.
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