The model of MISFI is built on a transparent and accountable framework which facilitates engagement from individuals and private corporations in support of projects that align with the National Financial Inclusion Strategy, and the broader objectives of Shariah.
The President's Office
On 7 April 2025, the Maldives Monetary Authority (MMA) officially launched the Maldives Islamic Social Finance Initiative (MISFI). The idea behind MISFI is to integrate Islamic social finance into the Maldives’ Islamic banking framework.
The initiative was formally inaugurated by His Excellency, President Dr Mohamed Muizzu, during a high-level event attended by financial sector leaders and senior government officials.
According to MMA, MISFI was inspired by internationally acclaimed models such as Bank Islam Malaysia’s Sadaqa House that leverages a suite of Islamic social finance instruments – including Sadaqah, Waqf, and Islamic crowdfunding—to direct resources toward socially impactful and development-oriented projects. With the introduction of MISFI, the Maldives is moving towards greater financial inclusion, social equity, and sustainable development through Shariah-compliant financial mechanisms.
The model of MISFI is built on a transparent and accountable framework which facilitates engagement from individuals and private corporations in support of projects that align with the National Financial Inclusion Strategy, and the broader objectives of Shariah.
Our unified identity as a nation lies in our timeless values of compassion, justice, and social equity. These are also the essence of Islamic social finance, which this initiative aims to achieve. Guided by these core values, this initiative institutionalises instruments such as Sadaqah, Waqf, and Islamic crowdfunding, offering critical solutions to uplift social burdens through the Islamic banking framework.
The launch event also marked a significant show of support from key partners. Bank of Maldives (BML) and Maldives Islamic Bank (MIB) pledged commitments of MVR200 million and MVR30 million, respectively, over the next three years. The MMA also committed MVR 20 million to the initiative during the same period. Together, these commitments bring the total pledged funding for MISFI programs to MVR 250 million.
This initiative sets out to foster social equity, enhance economic inclusion and ensure long-term sustainability through Islamic finance, which is rooted in justice, equity and shared prosperity. At the heart of this initiative lies a moral commitment to uplifting our communities so that each citizen can become an active contributor to the economy.
MMA also revealed that following the launch event that was hosted, MISFI will enter a pilot phase that focuses on the development of digital platforms and the rollout of new financial products targeting vulnerable and underserved communities.
