Maldives implements expatriate salary mandates and Islamic banking shifts

The Maldives government has issued a mandate requiring all expatriate worker salaries to be paid directly into personal bank accounts through institutions licensed by the Maldives Monetary Authority (MMA). The Ministry of Homeland Security, Labour and Technology stated that electronic payment records will now serve as the only valid evidence of wage distribution during salary disputes or workplace investigations.

This directive aims to eliminate off-the-books transactions and improve the tracking of the migrant labor force. Employers are instructed to expedite the opening of bank accounts for foreign staff to ensure compliance ahead of upcoming regulatory audits.

In a separate development within the Maldivian financial sector, the Bank of Maldives (BML) announced that all new personal accounts and personal financing applications will be processed exclusively under Islamic banking principles. This shift is part of the bank’s ‘Islamic Finance First’ strategy. While new personal services will follow Shari'ah-compliant standards, the bank noted that customers may still request conventional banking options directly.