The Maldives Monetary Authority (MMA) has convened the inaugural meeting of the Maldives Islamic Finance Strategic Advisory Council (MIFSAC), marking the formal commencement of a new high-level advisory body tasked with guiding the long-term development of the Islamic finance industry in the country. Established under the aegis of the MMA, MIFSAC has been mandated to advise on strategic direction, strengthen the policy environment, and support the development of a robust, competitive, and Shariah-compliant financial ecosystem in the Maldives.
MIFSAC is chaired by Tan Sri Dr. Zeti Aziz, one of the most respected figures in global central banking and Islamic finance, bringing extensive experience in regulatory policy and financial sector development. Serving as Vice Chairperson is Prof. Emeritus Dato’ Azmi Omar, a leading authority in Islamic finance education and industry development. The Council further comprises distinguished members Prof. Datuk Dr. Muhammad Akram Laldin, Prof. Dr. Aishath Muneeza, Associate Prof. Dr. Ismail Nizam, and Ustaz Ahmed Firas, all of whom are recognised internationally for their contributions to Shariah governance, Islamic finance standards, academia, and industry practice.
The composition of the Council reflects MMA’s intention to draw on global best practices and deep technical expertise as the Maldives continues to expand its portfolio of Shariah-compliant products and services. With experts spanning regulatory frameworks, Shariah advisory, product innovation, and education, MIFSAC is expected to play a central role in advising on policies that enhance financial inclusion, encourage investment, and position the Maldives as an increasingly attractive destination for Islamic banking and takaful solutions. The Council’s guidance is expected to support the alignment of local regulations with international standards while taking into account the unique characteristics of the Maldivian economy and financial system.
Senior representatives from key industry institutions, Maldives Islamic Bank, BML Islamic, and Allied Takaful attended the inaugural meeting as observers, underscoring the close collaboration between the regulator and market participants. Their presence highlights the importance of industry feedback in shaping realistic, market-driven strategies that can be effectively implemented by banks and takaful operators. The interaction between MIFSAC members and these institutions is likely to accelerate the development of innovative products, strengthen risk management practices, and support the sustainable growth of Islamic retail and corporate banking in the Maldives.
Through MIFSAC, MMA is expected to focus on a broad range of strategic priorities, including enhancing Shariah governance frameworks, supporting capacity building and talent development, improving public awareness of Islamic financial services, and exploring opportunities to attract regional and international Islamic investments. Over time, the Council’s work is anticipated to contribute to a more diversified financial sector, offering Maldivian households and businesses a wider choice of Shariah-compliant financing, savings, and protection products, while reinforcing the Maldives’ profile as a progressive, well-regulated hub for Islamic finance in the region.
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