Developing Islamic banking in the Maldives has been highlighted as a priority by Governor Ahmed Munawar of the Maldives Monetary Authority (MMA).

Speaking on MMTV's Bodu Khabaru, Munawar revealed plans to draft a dedicated Islamic Banking Law next year, aimed at providing the legal framework necessary to strengthen the sector. Islamic banking is currently the fastest-growing financial product in the Maldives, but the absence of a comprehensive legal structure has limited its potential.

He identified Islamic banking as a key area for development, with the potential to position Maldives as a regional hub for Shariah-compliant financial services.

Munawar also emphasised that expanding Islamic banking would empower the local financial sector, allowing it to benefit more directly from the country’s economic success, particularly in tourism.