The Maldives is a 100% Muslim country. Islamic finance in the Maldives was introduced 15 years ago. The journey of developing Islamic finance in the Maldives has not been so long, but today the number of players in the market is 12. For a small country like the Maldives, having 12 Islamic finance providers is adequate. In 2003, when Amana Takaful Maldives started its operation in the Maldives, it opened an agency office called Amana Takaful Sri Lanka. Until the 4th March 2010, the company operated through a local agent with a temporary license. Upon receiving a license from the Maldives Monetary Authority (MMA) which is the regulator, the company ceased its operations through the agent and commenced functioning independently.
Maldives , Islamic finance
Muneeza, Aishath. (2019). The Maldives. Islamic Finance News, (December 2019), pp. 82.