MMA launches festival to increase financial literacy

MMA has introduced the "Thamweel FinLit Fest 2025", a festival with the aim of increasing financial literacy for individuals in the financial and Islamic finance industries to strengthen financial responsibility.

MMA also highlights another aim of the festival, stating that they want to bring about a society, from students, young adults and the entire community, that have a proper understanding of Islamic Financing.

The Thamweel FinLit Fest 2025 was inaugurated yesterday by Education Minister Dr. Ismail Shafeeu.

The festival will have six main events:

- FinLit Challenge

- EconQuest Debate Competition

- Impact Pitch Challenge

- FutureFinance Essay Competition

- Values & Vision Art Showcase

- Short Video Challenge

“These events will encourage creative and innovative thinking, challenge the view that financial literacy is merely a technical skill, and help participants see it as a tool for social and economic change,” MMA said.

The FinLit Challenge will be a league-based quiz challenge. The targeted age group is between 18 to 25, MMA said.

The challenge will test budgeting, halal investing, saving money, risk distribution and the basics of Islamic finance.

"The purpose of this challenge is to give participants the necessary skills for practical living and to establish an environment conducive to learning," said MMA.

The EconQuest Debate Competition will see contestants aged between 16 to 25, where they will debate on matters of economic issues based on scientific evidence.

MMA went on to say that young debaters will discuss sustainable development, building an inclusive society and global economic growth, along with the opportunity to propose innovative solutions to national and international global challenges, strengthening their civic awareness and understanding.

One of the events in the festival is the Impact Pitch Challenge, designed to find Sharia-based solutions to promote financial literacy in Maldives.

Individuals above the age of 18 can sign up for the challenge, with it having three main parts which are:

- Preparation of financial tools.

- Produce financial solutions for the parts of society that do not have a particular service.

- Use fintech to create new avenues in Islamic financing.

Individuals will have the opportunity to express their opinions on shortlisting individuals during the festival who will be invited to a bootcamp for increasing financial literacy, with the bootcamp set to start on 15th November. MMA said that the winners of the bootcamp will get up to MVR 30,000 in cash prizes, business funding and opportunities to collaborate with relevant organizations. Training programs are also available.

Individuals will also be able to present their productive and constructive ideas at the festival.

In the FutureFinance Essay Competition, students will be able to talk about their understanding of the financial industry imaginatively. The Values & Vision Art Showcase will see young artists be granted the opportunity to draw the future of an Equitable Financial System.

"We have also opened up the floor for digitally adept parties to showcase their skills in the Short Video Challenge. The challenge features the production of a 15 to 60 second video that discusses financial literacy and raising Islamic financial awareness," said MMA.

As per the MMA's vision, the Thamweel FinLit Fest 2025 is a festival that will highlight the information needed how things move forward in today's financial environment, with a focus on improving the skillset of Maldivians, specifically the younger generation. MMA said that the purpose of the festival is to also create a financially responsible and valuable generation.

Further information can be found on MMA's social media handles and website created specifically for the Thamweel FinLit Fest 2025.