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 and the commencement of implementation of this plan.


  • Establishment of the Capital Market Shariah Advisory Committee to advice on Shariah matters concerning the development of the Islamic Capital Market
  • Passing of Pre-IPO Shariah Screening Guidelines.


  • Offering of Islamic equity securities for the first time 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.
  • Revision of Pre-IPO Shariah Screening Regulation and passed as 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 Sukuk Securities for the first time in the market – Housing Development Finance Corporation (HDFC Amna).


  • Commencement of monthly Islamic Capital Market awareness programs.
  • 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 (The Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation) Islamic Finance Taskforce.
  • Adoption of Capital Market Strategic Plan 2015-2019 with program 4 focusing on the introduction of Shariah compliant government securities in the market.


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