Regulatory Alerts2016-08-09
Maldives Banking Act (2010)
The Maldives Monetary Authority issues this Act to regulate banking operations, ensuring a stable and secure financial system while protecting depositors and creditors. It establishes strict licensing requirements, capital adequacy standards, and prohibited activities for both domestic and foreign banks. The legislation also creates a specific framework for Islamic banking, mandating Sharia-compliant practices and prohibiting interest-based transactions.
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