The Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, has stated that the Maldives Islamic Social Financing Initiative (MISFI) is a major step forward in the country's goal to become a regional hub for Islamic finance.

He made these remarks during the official launch of MISFI, which was developed following a collaborative study with the University of Selangor, centred on the Sadaqa House model implemented by Malaysia’s Bank Islam.

Emphasising its strategic relevance, Governor Munawwar noted that MISFI is a crucial component of the MMA’s Strategic Plan for 2025–2027. He expressed confidence that the initiative would strengthen the Maldivian financial system and contribute meaningfully to the country's development goals.

He further stated that the initiative marked a crucial step in positioning the Maldives as a regional centre for Islamic finance, adding that it was intended to enhance social equity and broaden economic participation across all sectors of society.

Governor Munawwar highlighted the initiative’s inclusive vision, explaining that it aimed to integrate all segments of the population into the national economy while fostering principles of justice, equality, and sustainable development through Islamic finance. He also described MISFI as a noteworthy example of policy formulation guided by academic research.

At the same event, Professor Mohammad Farid Ravi bin Abdullah, Vice-Chancellor of the University Islam Selangor, discussed the role of Islamic finance in supporting vulnerable groups. He stated that the adoption of Malaysia’s existing model under the MISFI framework in the Maldives represented a strategic approach to addressing societal challenges.

He explained that the initiative served as a commitment by the financial system to assist the poor and marginalised. He emphasised the need to cultivate a culture of responsibility under MISFI to ensure that those in need received appropriate financial support. He further remarked that the initiative was only the beginning, stressing the importance of aligning Islamic finance products with the social needs of the population.

The Maldives Islamic Social Financing Initiative is a dedicated fund established through collaboration between the Maldives Monetary Authority, the Bank of Maldives, and the Islamic Bank of Maldives. The MMA has allocated MVR 20 million to the fund, with the Islamic Bank of Maldives contributing an additional MVR 30 million. A further MVR 200 million has been earmarked for deployment over the next three years.

The Ministry of Social and Family Development has also played a role in identifying social issues to be addressed by the initiative during the current fiscal year, ensuring that the fund supports national priorities in social development.