President Dr. Mohamed Muizzu has established the Maldives International Financial Services Authority.
The new institution falls under the Ministry of Economic Development and Trade’s mandate. It was instituted in accordance with the authority conferred upon the President by Article 116 of the Constitution.
According to the directive, all correspondence addressed to the Maldives International Financial Services Authority shall use the number 498, per the numbering system for state agencies. Additional details pertaining to the objectives and operational functions of the Maldives International Financial Services Authority are detailed in the formal announcement issued by the President's Office.
The government entity by the name of Maldives International Financial Services Authority was established to develop a legal framework for the provision of onshore financing services in addition to offshore financing services mentioned in the Special Economic Zones Act. The establishment of the Maldives International Financial Services Authority would enable the formation of offshore and onshore development banks and international financial centres and conduct research to seek modern solutions for the legal and administrative challenges of establishing a competitive system to develop financial markets.