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The Maldives Monetary Authority (MMA) has signed a strategic Memorandum of Understanding (MoU) with the International Islamic University of Malaysia (IIUM) and The Maldives National University (MNU), marking a significant step in strengthening the country’s financial governance, Islamic finance capacity, and evidence-based policy development.
The MoU was signed by Prof. Emeritus Datuk Dr. Osman Bakar, Rector of IIUM, Dr. Aishath Shehenaz Adam, Vice Chancellor of MNU, and Ahmed Munawar, Governor of MMA, formalizing a partnership that establishes a comprehensive framework for institutional capacity building and human capital development within the financial sector. It is designed to enhance regulatory expertise, foster academic collaboration, and support the development of a specialized workforce equipped to address modern financial and monetary challenges.
These signed MoU with the institutions will collaborate on training programs, internship opportunities, and knowledge-sharing initiatives. These efforts will enable central bank staff and financial professionals to gain advanced skills in monetary policy implementation, financial systems analysis, and Shariah-compliant regulation—addressing the shortage of professionals with expertise in Islamic finance and central banking.
Leveraging IIUM’s globally recognized experience in Islamic banking and finance, the collaboration will support the MMA in strengthening its Shariah-compliant regulatory frameworks and developing innovative Islamic financial instruments. The initiative reflects the Maldives’ growing engagement in the global Islamic finance arena and its commitment to aligning national financial practices with international standards.
The MoU also emphasizes joint research on monetary policy, financial stability, and fintech developments. Through shared academic and regulatory expertise, the partnership aims to produce evidence-based policy recommendations that enhance monetary governance and financial system resilience.
In addition, these institution will work together to design academic curricula that integrate practical central banking and Islamic finance knowledge, ensuring local relevance while maintaining global standards. This will help produce graduates equipped to meet both domestic and international financial sector needs.
The MoU further establishes formal channels for ongoing policy dialogue and academic exchange, ensuring continuous collaboration between scholars and regulators. By engaging with IIUM and MNU, institutions with strong regional and international linkages—the partnership positions the Maldives as an active participant in regional financial integration and Islamic finance cooperation.
The agreement marks a major milestone in the MMA’s strategic objective to build a robust, knowledge-driven financial system and to position the Maldives as a regional hub for Islamic finance and regulatory innovation. Through this collaboration, the Maldives is expected to strengthen its institutional foundations, advance financial sector expertise, and contribute to sustainable economic growth.
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