To advance the Maldivian financial system, it is essential to enhance public confidence and financial literacy. World Bank studies indicate that while a significant portion of the Maldivian population utilizes bank accounts, awareness regarding the intricacies of financial services and insurance remains relatively low. To address this issue, the Maldives Monetary Authority (MMA) has formulated a specialized strategy and initiated outreach programs through platforms such as the “Maldives Financial Expo” to disseminate information.
Industry experts observe that even when the public is aware of financing opportunities, challenges persist in identifying the financial products that best suit individual needs. Furthermore, there is a clear necessity to increase awareness concerning insurance and investment opportunities. As the government aims to establish an international-standard financial market, the cornerstone of this ambition is a financially literate public. This encompasses not only traditional financial services but also the effective utilization of Shari’ah-compliant services and capital market opportunities.
