A major initiative has been launched by the Maldives Monetary Authority (MMA) to strengthen the nation’s Islamic finance sector by investing in the development of local talent. Through its Tamweel Islamic Finance Initiative, MMA has opened applications for 35 fully and partially funded higher education scholarships in Islamic finance, exclusively for Maldivian citizens.
This strategic scholarship programme aims to enhance capacity building, promote financial literacy, and elevate the Maldives’ profile as a competitive regional player in Islamic finance. The Tamweel initiative reflects MMA’s broader policy commitment to supporting sustainable growth in the Islamic financial services industry, which continues to gain global momentum and investor interest.
The 35 scholarship opportunities are offered in collaboration with two leading Malaysian institutions in Islamic financial education: INCEIF University and Universiti Islam Selangor (UIS). These institutions are internationally recognised for their excellence in training professionals for Shariah-compliant financial markets.
Scholarship Breakdown
The scholarships are offered across three key programmes:
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Executive Masters in Islamic Finance (eMIF) from INCEIF University, Malaysia
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Fully funded: 5 scholarships
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Partially funded (50%): 5 scholarships
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Micro-Certification in Islamic Finance from INCEIF University, Malaysia
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5 scholarships
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Certificate in Shariah Economics for Banking & Finance (CSEBF) from Universiti Islam Selangor (UIS), Malaysia
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20 scholarships
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All scholarship applicants must be Maldivian citizens. According to MMA, each candidate may only apply for one full-time scholarship programme. Selection will be based on both academic merit and financial need, with a further evaluation process that considers each applicant’s social and financial background to ensure that opportunities are granted fairly and equitably.
This initiative is part of a broader effort to address the skills gap in the Islamic finance sector within the Maldives, as the country looks to expand its financial services industry beyond conventional banking. By equipping professionals with advanced knowledge in Islamic finance, the programme supports the national objective of creating a well-regulated, knowledgeable, and dynamic workforce in the sector.
Interested applicants are encouraged to review the full eligibility criteria available on the official MMA website. Applications must be submitted online through the provided links no later than midnight on 17 July 2025.
For prospective students, this is not only a chance to gain world-class education in Islamic finance but also to contribute meaningfully to the economic development of the Maldives. As global interest in Shariah-compliant financial products continues to grow, MMA’s efforts through the Tamweel Initiative signal a forward-looking commitment to positioning the Maldives as a knowledge-driven economy with strong ethical financial foundations.
For more details and to apply, visit: www.mma.gov.mv
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