Publication:
Maldives: are Islamic windows becoming structurally outdated?
Abstract
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
Keywords
Maldives Islamic Bank , Islamic finance
Citation
Muneeza, A. (2026). Maldives: Are Islamic windows becoming structurally outdated? Islamic Finance News. 23(24), 15.
Publisher
Redmoney
DOI
Files
Maldives_are_Islamic_windows_becoming_structurally_outdated_Aishath Muneeza.pdf
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