President Dr Mohamed Muizzu has officially launched the Maldives Islamic Social Finance Initiative, signaling a major step forward in the government’s broader strategy to promote Islamic financial practices in the country.
The launching ceremony, held on Monday, was attended by senior officials and stakeholders from the financial sector. The initiative forms part of the Muizzu administration’s strategic commitment to expanding and institutionalizing Islamic finance, while placing special emphasis on social equity and economic inclusion.
Speaking at the event, President Muizzu reaffirmed his government’s vision to integrate socially responsible finance into the national economy, positioning Islamic social finance as a key pillar in sustainable development. The initiative aims to introduce financial mechanisms that align with Shariah-compliant principles, including the promotion of waqf (endowments), zakat (almsgiving), and other ethical finance tools that support community welfare.
The President described the launch as a “significant milestone” in aligning Maldives’ financial system with values-driven development goals, adding that the initiative reflects his administration’s intention to diversify the financial sector while promoting financial inclusion for vulnerable communities.
The Maldives Islamic Social Finance Initiative is expected to pave the way for innovative financial instruments and frameworks that cater to the social and developmental needs of the population—especially in areas such as education, healthcare, housing, and poverty alleviation.
The government has also committed to working with relevant institutions to build the capacity needed to manage and regulate Islamic social finance tools effectively.
This move comes as part of a wider effort to position the Maldives as a regional hub for Islamic finance and socially responsible investment in the years ahead.
