Capital Market Development Authority (CMDA) has opened applications to companies wishing to provide Sharia-compliant securities.

According to local media, CMDA will screen companies to ensure that their operations and transactions are made in alignment with Islamic Shariah.

Licenses will be awarded following consultation with the Capital Market Sharia Advisory Committee.

Sharia-compliant security services are most notable for their exclusion of interest. Currently, Amana Takaful is the only insurance company licensed to provide Shariah-compliant services to the Maldivian public.