The Maldives Monetary Authority (MMA) has unveiled the Tamweel Impact Pitch Challenge, a nationwide initiative designed to inspire innovative, values-driven solutions that advance financial literacy, financial inclusion, and Islamic finance in the Maldives.
Open to both Maldivian and international participants, the competition aims to bridge finance, technology, and ethical principles to build a more inclusive financial system. By encouraging bold ideas and research, the program seeks to generate practical solutions that prioritize equity, access, and shared prosperity.
Two Distinct Tracks for Innovators and Researchers
The competition is structured into two tracks:
- Track 1: From Idea to Impact – Pioneering Islamic Finance Solutions
Targeting youth, startups, students, educators, and social entrepreneurs, this track focuses on early-stage concepts and prototypes that can strengthen the financial ecosystem through Shariah-compliant solutions. Eligible participants include individuals and teams of up to three members aged 18 and above, excluding MMA staff and partner organizations.
Winners will receive cash prizes of up to MVR 30,000, in addition to potential seed funding, mentorship, and pilot opportunities to scale their solutions. - Track 2: From Insight to Impact – Policy and Research for Inclusive Islamic Finance
Tailored for academics, researchers, consultants, and institutions, this track emphasizes policy-driven and research-based proposals to support the growth, resilience, and social impact of Islamic finance. Key focus areas include financial literacy campaigns, inclusion of underserved groups, social impact initiatives, institutional capacity building, and policy development.
Participants will compete for a funding pool of MVR 100,000, with opportunities for collaboration and institutional partnerships.
Global Eligibility with Local Relevance
Both tracks are open to applicants from any country, provided their proposals are relevant to the Maldivian context and aligned with the competition’s core themes. By integrating grassroots creativity with academic research, the challenge aims to produce solutions that can deliver tangible, long-term benefits for communities across the country.
Strengthening Maldives as a Regional Hub for Islamic Finance
The Tamweel Impact Pitch Challenge is part of MMA’s broader strategy to position the Maldives as a regional hub for Islamic finance. The central bank has consistently emphasized the role of ethical finance and sustainable economic development in empowering local communities and fostering resilience.
By bringing together diverse voices—from young innovators to seasoned experts—the competition underscores MMA’s commitment to nurturing innovation, financial inclusion, and thought leadership in the rapidly growing field of Islamic finance.
