Publication:
Maldives accelerates Islamic finance integration with education financing overhaul
| DC Field | Value | |
|---|---|---|
| dc.contributor.author | Aishath Muneeza | |
| dc.date.accessioned | 2025-07-02T03:54:37Z | |
| dc.date.available | 2025-07-02T03:54:37Z | |
| dc.date.issued | 2025 | |
| dc.description.abstract | In a significant shift towards financial inclusivity and adherence to Islamic guidelines, the Maldives has announced a comprehensive overhaul of its government-issued education financings. This move comes in response to a directive from Maldives President Dr Mohamed Muizzu, who called for all government financings for higher education, both within the Maldives and abroad, to comply with Islamic principles. The Ministry of Higher Education, which oversees the issuance and management of these financings, has already initiated steps to implement the changes. The primary change involves the restructuring of financing repayments, which will now solely cover the principal amount. This adjustment means that students will no longer be required to pay any additional charges or interest, a move aimed at alleviating the financial burden on borrowers. In addition to this, the ministry has announced that no administrative fees will be applied to financings that have already been repaid. One of the more notable adjustments is the reversal of the 1% administrative fee that was previously deducted from student financings, with repayment amounts being recalculated accordingly. These measures are designed to ensure that the financings align more closely with the ethical and moral standards set forth by Shariah law, which prohibits the charging of interest or unjust fees. The ministry has expressed strong support for the president's decision, recognizing it as a reflection of the government's commitment to making financial transactions more just and equitable for students. The changes are also seen as a part of the broader effort by the Maldivian government to ensure that the country's financial systems operate in line with Islamic finance principles, promoting fairness and transparency. | en_US |
| dc.identifier.citation | Muneeza, A. (2025). Maldives accelerates Islamic finance integration with education financing overhaul. Islamic Finance News, 22(17), 14 | en_US |
| dc.identifier.uri | https://ikr.inceif.edu.my/handle/INCEIF/4210 | |
| dc.language | English | |
| dc.language.iso | eng | en_US |
| dc.publisher | Redmoney | en_US |
| dc.source | SEDONA | |
| dc.subject | Islamic finance | en_US |
| dc.subject | Higher education | en_US |
| dc.subject | Maldives | en_US |
| dc.title | Maldives accelerates Islamic finance integration with education financing overhaul | en_US |
| dc.type | Industry Article | en_US |
| dspace.entity.type | Publication | |
| ikr.doctype | Scholarly Works | |
| ikr.topic.maintopic | Islamic finance | en_US |
| relation.isAuthorOfPublication | 81014255-5cb8-46bc-ad81-bf6d8a3a0702 | |
| relation.isAuthorOfPublication.latestForDiscovery | 81014255-5cb8-46bc-ad81-bf6d8a3a0702 | |
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