The Maldivian Government is advancing an ambitious vision to position the nation as a regional hub for Islamic finance, according to Minister of Finance Moosa Zameer.

Speaking to PSM News, the Minister outlined a series of strategic initiatives aimed at transforming the Maldives into a leader in the flourishing sector.

Among the key measures introduced is the formation of a Sharia Advisory Committee. This committee, developed in accordance with regulatory standards, will play a pivotal role in ensuring compliance with Islamic financial principles. Additionally, efforts are underway to expand access to Islamic financial instruments, providing more diverse resources to both individuals and businesses.

To drive this vision forward, a dedicated department has been established within the Ministry of Finance. This specialised unit will focus on the development and promotion of Islamic financial services, ensuring alignment with the Government’s broader economic goals.

One of the flagship projects in this initiative is the issuance of the country’s first Islamic securities. Minister Zameer confirmed that the Maldives Stock Exchange, under the oversight of the Capital Market Development Authority (CMDA), has approved the first Government-owned sukuk. This issuance, ready for release, marks a significant milestone in the nation's Islamic finance journey.

Public education has also been identified as a critical aspect of the strategy, with Minister Zameer stressing the importance of raising awareness about Islamic finance principles and the opportunities they present.