Applications Open for Fully Funded Islamic Finance Scholarships by MMA

The Maldives Monetary Authority (MMA) has announced the opening of applications for its 2025 Tamweel Islamic Finance Scholarship, inviting Maldivians to apply for a range of fully and partially funded study opportunities aimed at building national expertise in Islamic finance.

Launched under the MMA’s broader Islamic Finance Initiative, the scholarship program is designed to develop human capital and enhance institutional capacity in the Shariah-compliant finance sector. The initiative is being carried out in collaboration with Malaysia-based academic institutions, including the International Centre for Education in Islamic Finance (INCEIF) and Universiti Islam Selangor (UIS).

This year, a total of 35 scholarship slots are being offered across three key programmes. These include five fully funded and five partially funded seats for the Executive Masters in Islamic Finance (eMIF) at INCEIF, five slots for micro-certification short courses also offered by INCEIF, and 20 places for the Certificate in Shariah Economics for Banking & Finance (CSEBF) programme at UIS.

The eMIF is a one-and-a-half-year postgraduate course delivered online, tailored for working professionals seeking advanced knowledge in Shariah-compliant financial practices. The micro-certification courses, which run over 17 weeks, focus on critical aspects such as Islamic capital markets, Shariah rules, risk management, and Islamic business strategy. Meanwhile, the CSEBF programme provides foundational training in Shariah economics with a focus on applications in the banking and finance sector.

Eligible applicants must be Maldivian citizens between 18 and 40 years of age. For the eMIF programme, candidates are required to have a bachelor's degree in a relevant discipline, demonstrate English language proficiency, and ideally be working in a finance-related field. Entry requirements for the micro-certification courses include A-Level passes in subjects like Economics, Business, Accounting, or Mathematics.

Applications are to be submitted online by 11:59pm on 17 July 2025. According to MMA, the selection process will consider academic performance, financial need, clearly defined career goals, and the candidate’s anticipated contribution to the Islamic finance sector. Shortlisted applicants will undergo an interview as part of the final evaluation.

MMA further stated that successful applicants will be required to enter into an agreement outlining the scholarship conditions, including potential post-study service obligations within the sector.

The Tamweel Scholarship has become a cornerstone of MMA’s efforts to nurture a pool of skilled professionals in Islamic finance, in line with the country's ambition to position itself as a regional hub for Shariah-compliant financial services.