Industry Article

The second quarter of 2026 delivered encouraging results across the Maldives' Islamic finance landscape, with Maldives Islamic Bank (MIB), Amana Takaful Maldives and Housing Development Finance Corporation (HDFC) Amna recording notable developments in profitability, asset growth and financing activity. Among them, HDFC Amna produced perhaps the most striking result, with the Islamic window generating a larger share of HDFC's quarterly profit than the institution's implied conventional business.

The Maldives' Islamic finance sector is clearly entering a new phase of maturity. With Islamic banking assets, deposits and profitability expanding strongly across institutions such as Maldives Islamic Bank, the Islamic window of Bank of Maldives and Takaful players like Amana Takaful Maldives and Allied Takaful, the question is no longer about growth alone - but about structure, governance and long-term Shariah integrity. A particularly important development is the rising scale of Islamic windows within conventional financial institutions. The data shows that these windows are no longer 'side desks' offering niche products; they are now meaningful profit contributors with substantial financing portfolios and growing customer bases. For example, BML Islamic has expanded across all atoll branches and developed a significant digital ecosystem, while HDFC Amna Islamic housing finance now accounts for nearly half of its parent company's housing portfolio

The Maldives used the platform of the 2026 IsDB Group Annual Meetings and Private Sector Forum in Baku, Azerbaijan, to advance its Islamic finance agenda and strengthen international partnerships aimed at supporting the country's long-term economic development strategy. The annual gathering brought together heads of government, ministers, central bank governors, multilateral development institutions, regulators and private sector leaders from across IsDB member countries to discuss sustainable development, economic resilience, private sector growth and the future of Islamic finance.

Maldives Islamic Bank (MIB), the nation's first full-fledged Islamic bank, is celebrating its 15th anniversary, marking a significant milestone in the development of Shariah compliant banking in the Maldives. Established in 2011 and officially launched on the 7th March in Male, MIB has played a pioneering role in delivering ethical, interest-free financial services grounded in principles of fairness, transparency and responsible finance. Over the years, the bank has expanded access to Islamic banking across the atolls through innovation, digital solutions and an extensive service network, contributing meaningfully to financial inclusion and national economic growth.

Viyana platform has announced the live offering of Reefside sukuk ijarah, a Shariah compliant debt instrument aimed at providing investors with a stable, long-term investment opportunity in the Maldivian market. The sukuk has an issue size of MVR28 million (US$1.81 million), comprising 28,000 securities priced at MVR1,000 (US$64.68) per Sukuk, with a minimum subscription of five sukuk. The proceeds will be utilized to raise working capital and settle outstanding financing facilities with Maldives Islamic Bank. Structured under the ijarah concept, the sukuk offers an indicative profit rate of 8.5% per annum, with semi-annual profit distributions derived from rental payments on identified underlying assets. The sukuk carries a tenure of nine years, with full redemption at nominal value upon maturity. The offering opened for subscription on the 14th December 2025 at 8am and will close on the 12th February 2026 at 4pm. Allotment is scheduled for the 19th February 2026, followed by deposit on the 22nd February 2026. In the event of oversubscription, allotment will be made on a pro-rata basis.

The State of the Global Islamic Economy Report (SGIE) 2024-25 divides the halal consumer market into six sectors: food, fashion, media and entertainment, travel, pharmaceuticals and cosmetics. Collectively, these segments are projected to reach a market size of US$3.36 trillion by 2028. When combined with global Islamic financial assets, estimated to reach US$7.53 trillion by the same year, the overall size of the global halal economy is expected to be approximately US$10.89 trillion by 2028. Global spending on halal food is expected to reach US$1.94 trillion in 2028. This includes food and beverages that adhere to Islamic guidelines and avoid prohibited substances such as pork, blood and alcohol. Even meat from halal animals is impermissible if not slaughtered according to Islamic rites. The demand for halal food is primarily driven by increasing awareness among Muslims, particularly among younger generations. Additionally, the focus on hygiene, animal welfare and clean processing in halal food has also attracted non-Muslim consumers. In response to the growing demand, major global corporations have entered the Halal food market, and many Halal certification bodies have been established globally. Many Muslim-majority countries require halal certification for imported food, while in non-Muslim countries, halal certification plays a crucial role in assuring Muslim consumers of a product�s permissibility.