This report analyzes the role and functions of the Central Bank of Maldives, also known as the Maldives Monetary Authority (MMA), within the context of its dual banking system, encompassing both conventional and Islamic banking. The report begins with an introduction to the MMA, its establishment, and its key personnel. It then delves into the characteristics of both Islamic and conventional banking, highlighting their core principles, operational differences, and profit mechanisms. The structure of the central bank is outlined, emphasizing its regulatory role in overseeing commercial banks and implementing monetary policies. The report details the MMA's key functions, including monetary policy control, management of commercial bank reserves, government fund management, oversight of financial markets, maintenance of foreign exchange value, and supervision of interest rates to foster financial stability. A literature review supports the analysis, referencing relevant sources. The report concludes by emphasizing the MMA's vital role in regulating the financial sector and ensuring its stability and growth, encompassing commercial banks, insurance companies, and other financial institutions within the Maldives.
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