Islamic Capital Market

One of the prominent visions of CMDA is to develop an Islamic Capital Market parallel to that of the existing conventional capital market in the Maldives. CMDA has taken numerous initiatives towards achieving this goal.


Maldives Islamic Capital Market Development – Over time


  • Incorporation & adoption of Islamic capital market development plan under the Capital Market Strategic Plan 2010-2015.


  • Establishment of the Capital Market Shariah Advisory Committee.
  • Passing of Pre-IPO Shariah Screening Guidelines.


  • Offering of first Islamic equity securities in the market – AmanaTakaful Maldives.
  • Opening trading of Islamic equity securities on the Maldives Stock Exchange.


  • Passing of Regulation on Capital Market Shariah Advisory Council.
  • Capital Market Shariah Advisory Committee reconstituted as Capital Market Shariah Advisory Council under the Regulation on Capital Market Shariah Advisory Council.
  • Passing of Regulation on Shariah Screening of Equity Securities.
  • Passing of Approved Concepts & Principles for Structuring, Documenting & Trading of Shariah Compliant Securities.
  • Commencement of Sukuk Market Development Project with Simmons & Simmons.
  • Passing of Regulation on Issuance of Sukuk Securities.
  • Passing of Regulation on Registration of Shariah Advisers.
  • Offering of first Sukuk Securities – Housing Development Finance Corporation (HDFC Amna).


  • Launch of Islamic Capital Market Awareness Workshops (Monthly).
  • Commencement of Training Programs for capacity building in Islamic Finance.


  • Signed MoU with INCEIF Malaysia for capacity building in Islamic Finance.
  • Launch of Masters in Islamic Finance Profession (MIFP) in Maldives in collaboration with INCEIF.
  • Commencement of CMDA participation in COMCEC Islamic Finance Taskforce.
  • Adoption of Capital Market Strategic Plan 2015-2019 with program 4 focusing on promotion of issuance of Islamic securities and introduction of new Islamic capital market products such as investment funds.


  • Issuance of Sukuk Securities by HDFC Amna (Second issuance).