The Maldives Monetary Authority (MMA) has opened submissions for conducting a study on the establishment of an Islamic Digital Asset Centre. Proposals are required to be submitted by 11 a.m. on December 29, with further details of the study set to be clarified on December 24.

According to MMA, this initiative aims to leverage the growing global interest in digital assets while adhering to Islamic Shariah principles.

The proposed centre is designed to enhance financial inclusion by offering Shariah-compliant financial solutions and attracting both regional and international investors. Furthermore, it is anticipated to bolster the Maldives’ Islamic fintech sector, aligning with the Government’s vision of transforming the nation into a financial hub.

Globally, there is a rising demand for digital assets that comply with Islamic Shariah. Cryptocurrencies, halal non-fungible tokens (NFTs), waqf tokens, and digital sukuks adhering to Shariah guidelines are already operational in several countries. This growing trend underscores the potential market demand and readiness for the Maldives’ proposed initiative.

This latest effort builds on MMA’s previous advancements in digital finance. In October, the authority announced plans to introduce a digital currency in the Maldives, either asset-backed or Maldivian Rufiyaa (MVR)-backed, with a regulatory framework currently being developed in collaboration with the Capital Market Development Authority (CMDA).

The Government has set an ambitious target for the digital economy, aiming for it to contribute 15 per cent of the nation’s GDP by 2030. Recognising the transformative potential of digital assets, the Government views this initiative as a vital step towards establishing the Maldives as a regional financial hub.