The Maldives Monetary Authority (MMA) has launched the Tamweel Islamic Finance Initiative, a programme aimed at raising awareness of Islamic financial services and expanding training opportunities in the sector.

The initiative, inaugurated by Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed, focuses on enhancing public understanding of Islamic finance and developing expertise through specialised training programmes.

As part of the effort, MMA has introduced a capacity development fund, starting with MVR 5 million, to support education and training in Islamic financial services.

MMA Governor Ali Hashim Munawwar stated that the initiative aligns with the goal of positioning the Maldives as a regional hub for Islamic finance. He noted that similar initiatives, led by central banks in countries such as Malaysia, have played a crucial role in strengthening the sector.

MMA will also launch a television awareness campaign. During Ramadan, a dedicated programme called 'Tamweel' will air on TVM, alongside an Islamic finance quiz competition. Participants will have the opportunity to win daily cash prizes of MVR 1,000 from BML Islamic, while a grand prize of an Umrah trip for two will be awarded to the highest-scoring contestant.

The programme is being implemented in collaboration with Islamic financial institutions, including BML Islamic, Maldives Islamic Bank, Allied Insurance, and the Maldives Centre for Islamic Finance Corporation.