Saturday
21st Dec 2024
Dhivehi Edition
MMA, Photo: TMJ.
The Maldives Monetary Authority (MMA) has announced plans to research the feasibility of establishing an Islamic Digital Asset Centre, aiming to position the Maldives as a regional hub for Islamic finance and digital assets. The initiative is part of a broader vision to integrate innovative financial solutions with Shariah-compliant principles.
Driven by the rising global interest in digital assets and Islamic finance, the proposed centre aims to enhance financial inclusivity and attract international investors to the Maldivian financial sector. MMA noted the increasing global traction of Shariah-compliant digital assets, including cryptocurrencies, halal non-fungible tokens (NFTs), Waqf tokens, and digital Sukuk. These innovations have already gained adoption in various countries, indicating a robust market potential for such assets.
To advance the initiative, the MMA is seeking an agency to conduct a comprehensive feasibility study. Interested parties may obtain details from the MMA until December 24 and must submit their proposals by 11 a.m. on December 29. The study will play a critical role in determining the operational and regulatory framework for the centre.
In October, the MMA disclosed plans to introduce digital currency in the Maldives, focusing on asset-backed or Maldivian Rufiyaa-backed online currency. Collaborating with the Capital Market Development Authority (CMDA), the MMA is drafting the necessary regulatory framework for digital currency implementation.
These initiatives align with the government’s broader vision to establish the Maldives as a regional financial hub. President Dr. Mohamed Muizzu has set an ambitious goal of increasing the contribution of digital assets to the national GDP by 15% by 2030.
The Islamic Digital Asset Centre is envisioned to lead the development of Islamic Fintech, further integrating the Maldives into the global Islamic finance market while fostering innovation and financial inclusion within the sector.