A new partnership has been formalized to elevate the Maldives’ financial sector through strategic collaboration between the Maldives Monetary Authority (MMA), the International Islamic University Malaysia (IIUM), and The Maldives National University (MNU). The agreement, solidified by a tripartite Memorandum of Understanding (MoU), outlines an ambitious framework to enhance monetary governance, build institutional capacity, and foster human capital development in the country’s financial and Islamic banking landscape.
Signed by MMA Governor Mr. Ahmed Munawar, IIUM Rector Professor Emeritus Datuk Dr. Osman Bakar, and MNU Vice Chancellor Dr. Aishath Shehenaz Adam, the MoU establishes a multi-faceted approach to improve regulatory systems, academic integration, and workforce readiness. The collaboration is designed to address growing needs in policy expertise, Shariah-compliant finance, and advanced financial management through targeted training programs, internships, and technical knowledge exchanges.
The Maldives Monetary Authority, as the central bank and financial regulator of the country, has been at the forefront of strengthening financial system integrity and resilience. This new agreement complements MMA’s broader strategy to cultivate a knowledgeable and skilled workforce capable of navigating complex monetary policy, financial system diagnostics, and the integration of Islamic finance principles within regulatory frameworks. As the nation increases its participation in the global Islamic finance ecosystem, such initiatives are key to aligning domestic practices with international benchmarks.
Through this MoU, MMA will leverage IIUM’s internationally recognized expertise in Islamic banking and financial innovation to further refine the Maldives’ Shariah-based regulatory structure. Joint research efforts will be launched to explore priority areas such as financial stability, fintech advancement, and evidence-based policy formulation. The goal is to equip regulators, financial practitioners, and academics with the tools needed to address contemporary economic challenges in both conventional and Islamic financial domains.
Curriculum development is another vital aspect of this collaboration. The institutions will jointly craft academic programs that blend theoretical understanding with practical exposure to central banking operations and Islamic finance, ensuring that future graduates are well-prepared to contribute to local and international financial institutions. These programs will support the development of a talent pool with specialized knowledge in both policy implementation and Islamic financial jurisprudence.
Furthermore, the agreement outlines mechanisms for ongoing academic exchange and institutional cooperation. This sustained engagement will promote long-term knowledge transfer and provide a platform for continuous dialogue between policymakers and scholars, reinforcing the Maldives’ role in regional financial cooperation and policy innovation.
This strategic partnership is aligned with MMA’s long-term vision of positioning the Maldives as a center for Islamic finance excellence in the region. By strengthening ties with globally respected institutions like IIUM and building on national academic infrastructure through MNU, the Maldives is reinforcing its commitment to financial sector development, institutional innovation, and sustainable economic growth through sound monetary governance.
With this agreement, the Maldives takes a clear step toward reinforcing its financial regulatory systems, nurturing domestic expertise, and participating more actively in shaping the future of Islamic finance across the region.
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