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INCEIF Campus, 20 September 2024 – INCEIF University and the Maldives Monetary Authority (MMA) today signed a Memorandum of Understanding (MoU) to foster collaboration in Islamic finance education and research in Maldives. The MoU was signed by INCEIF University President & CEO Professor Emeritus Dato’ Dr. Azmi Omar and MMA Governor Ahmed Munawar. MMA is the central bank of Maldives.
This partnership, part of INCEIF’s continued commitment to advancing Islamic finance in Maldives, aims to strengthen capacity-building initiatives for MMA staff specifically, and the Maldivian Islamic banking fraternity in general, promoting knowledge exchange, and supporting the development of innovative financial solutions in Maldives.
INCEIF’s Associate Dean Prof Dr Aishath Muneeza, a Maldivian who has been acknowledged as one of the key players in promoting Islamic finance in the republic, said IF had made progress since its introduction in the 100 per cent Muslim nation, in 2011. However, several challenges remained, including lack of awareness among industry players, which led to the need for improved soft skills; limited number of players in the market to ensure a robust industry, and the absence of incentives for the growth of IF including Shariah and legal issues.
Since 2014, INCEIF has been sharing its knowledge with various parties in Maldives in developing the country’s Islamic finance industry through capacity and capability building. INCEIF had worked with Maldives’ Capital Market Development Authority and in collaboration with Islamic University of Maldives, to offer opportunities for Maldivians to pursue the Masters in Islamic Finance Practice in Male, its capital and financial city. The first batch of students, who began the programme in 2014, have graduated in 2016.
Over the years, INCEIF has honoured a number of best students from among a small yet growing number of Maldivians who have since successfully established their Islamic finance careers in Maldives and in other jurisdictions.
INCEIF President & CEO Prof Dato’ Dr Azmi Omar, in his remarks, said today’s MoU would hopefully set forth another generation of Islamic finance experts who would join those who were already contributing towards the growth of Islamic finance businesses in the country.