The central bank, Maldives Monetary Authority (MMA) has launched Tamweel FinLit Fest 2025. The festival was inaugurated by Minister of Education Dr Ismail Shafeeu.
The festival is aimed at increasing awareness on financial literacy, responsible money management and Islamic finance in the Maldives. The objective of the festival is to build a society proficient in Islamic finance, with the participation of students, youth, and the community as a whole.
The festival consists of six key activities;
1. Finlit Challenge
2. Econquest Debate Tournament
3. Impact Pitch Challenge
4. Essay Competition titled Future Finance
5. Values and Vision Art Competition
6. Short Video Making Competition
The MMA said the events are designed not only to foster creativity and innovative thinking and explore new approaches, but also to encourage participants to view finance management as a tool for social and economic progress rather than merely a technical skill.
Young people as key participants of the festival
The MMA Tamweel Finlit Challenge is a league-style quiz competition aimed at young people between the ages of 18 and 25. The competition will test knowledge on saving, budgeting, halal investing, risk-sharing, and the fundamentals of the Islamic financial system. The challenge aims to provide participants with an engaging learning environment, while equipping participants with practical skills.
Similarly, the EconQuest Debate Competition will give participants between the ages of 16 and 25 the opportunity to debate key economic issues based on scientific evidence. Topics include sustainable development, building inclusive societies, and global economic growth, among others. Young debaters will have the opportunity to propose innovative solutions to national and international challenges, strengthening their civic awareness and understanding.
Encouraging innovation in Islamic finance
The Impact Pitch Challenge, one of the main activities of the festival, is designed to seek innovative Sharia-compliant solutions to promote financial literacy in the Maldives. Open to participants over the age of 18, the challenge will focus on developing financial literacy tools, creating inclusive financial solutions for underserved communities, and exploring new approaches in Islamic finance through fintech.
According to MMA, shortlisted participants will have the opportunity to submit their ideas at a bootcamp on 15 November. Winners will receive cash prizes of up to USD 1,945, business funding, opportunities to work with relevant stakeholders, and access to training programmes.
Prioritising creativity and awareness
The festival also encourages creative expression and constructive ideas. Through the Future Finance essay competition, school students will have the opportunity to express their views on the financial sector. Meanwhile, the Values and Vision Art Competition will provide young artists the young artists the opportunity to visualise a fair and equitable financial system through art.
The festival’s video challenge invites participants to showcase their digital skills. Participants will create videos of between 15- to 60- seconds aimed at raising awareness about financial literacy and Islamic finance.
Building a financially aware country
The MMA said the Tamweel Finlit Fest aligns with the authority’s vision to equip Maldivians, especially the youth, with the knowledge and skills required to navigate today’s financial environment. The latest information about the festival will be shared on MMA’s website and official social media channels.