In our quest for success stories, we often look to previous generations for inspiration. However, among today’s youth, there are many remarkable success stories, and Ahmed Riza’s journey is one that stands out. As one of the leading experts in Islamic finance in the Maldives, he achieved numerous dreams before turning 40, excelling both academically and professionally.
Riza’s journey began in the late 1990s when opportunities in the Maldives were scarce. His willingness to make sacrifices and his unwavering determination paved the way for his success.
Born in R. Kinolhas, Riza, like many Maldivians, migrated to the capital city of Male’ in 1998 in pursuit of quality education. However, due to the challenges of securing a spot in the private school Male’ English School (M.E.S), he had to repeat a grade at Maafanu Madharusaa. In 1999, he finally joined M.E.S, but the transition from island education to Male’ education was challenging. In the island, he had been a top student, but in Male’, he was average. Having a hard time writing in proper English, he even once relied on a friend’s essay, memorizing it to reproduce it in an exam. While not an ideal approach, it demonstrated his determination to excel.
This determination gradually paid off as Riza emerged as a top student. Alongside his studies, he was active in the Dhivehi literature club and secured first place in an essay competition. He also served as a senior prefect and school vice-captain.
“It was tough. Coming from a modest background, I couldn’t afford even an interval snack every day. We also went to the mosque after dawn prayer for group studies,” he recalls.
Despite his hard work, he faced a setback when he failed the English O-level exams, missing out on a spot in the country’s top 10 achievers.
“That was a sad day. I cried,” he remembers. “My goal when I came to Male’ was to change my life and my family’s. To do that, we needed excellent results.”
Nonetheless, he secured admission to the Center for Higher Secondary Education (C.H.S.E), then the only A-level school in Male’, where he diligently worked his way into the top 10 achievers.
“It was a moment of great happiness and pride, not just for me but also for my family and for the island as a whole,” he reflects. “Two years in CHSE were significant in becoming who I am today. It was a great 2 years with lots of fun, group studies, and field trips.”
Opportunities for studying abroad were limited, leading Ahmed Riza to join the accounting department of the Maldives Water and Sewerage Company (M.W.S.C) right after A’ Levels. However, in pursuit of a better work-life balance, he later transitioned to a civil service position at the Ministry of Finance.
This shift unexpectedly proved to be a blessing in disguise, as it allowed him more personal time and offered him a remarkable opportunity. In his role at the ministry, he was tasked with managing and executing projects funded by the Islamic Development Bank and the Asian Development Bank. This experience laid a solid foundation for honing his skills and expertise in the field.
While working there, Villa Foundation announced scholarships for studying abroad. His first choice was accounting and finance, but he was offered hospitality and tourism, which was his second choice. Many might have declined, but Riza recognized it as a rare opportunity and accepted.
In April 2006, he left for Malaysia to pursue higher studies, a momentous step towards achieving his dreams.
“My entire family and friends came to the airport to see me off. It was indeed a very happy occasion for all of us,” Riza said.
But things were not as expected when he arrived at Kuala Lumpur.
“We landed at dawn and only exited the airport by evening due to an immigration issue. Accommodation was not arranged as I had to fly urgently and rented a room from an existing Maldivian student. I remember eating Bounty chocolate for consecutive 3 days while not knowing where to find food.”
But his determination led to good days. During his time at Taylor’s University, Riza not only earned a bachelor’s degree but also gained invaluable exposure to the real world. It gave a bundle of opportunities to grow, improve self-esteem, and develop.
“Three years at Taylor’s University, Malaysia, were the best three years in my educational career. One key event of the three years’ degree was the trip to France in February 2009 to experience their culture, cuisine, people, and snow for the very first time. I would advise to study abroad, even with bank finance. It exposes you to the real world. I got vast experience, living with students from all over the world, especially from Middle Asia, the Middle East, Africa, and Europe as well,” he notes.
After obtaining his degree, he joined Royal Island Resort & Spa in the Maldives as a Food and Beverage Controller, staying loyal to the organization that provided him with the scholarship. In addition, he served as a senior lecturer at MAPS College before pursuing a master’s degree in Banking & Finance.
“I was a bit sad that I didn’t get to study accounting and work in that field. But back then, choices were limited,” he explains.
“After earning a bachelors degree, you may have the chance to pursue a master’s in your desired field.”
And that’s precisely what happened. When the government introduced student loans, Riza chose finance and economics, focusing on areas he believed would benefit his country the most. He selected Malaysia, a hub for Islamic finance, and enrolled in INCIEF University, established by Malaysia’s central bank to promote Islamic finance worldwide.
In the two years of his master’s program, apart from financial studies, he delved into subjects like the law of contract, financial econometrics, risk management, fiqh al-muamalat, and Usul al-fiqh (Principles of Islamic jurisprudence), which were entirely new to him.
“It was an invaluable chance for me. Many experts in the field studied there, and we had top-tier professors from different parts of the world, which meant we had amazing discourse,” he reflects.
Upon returning to the Maldives, despite being one of the few Maldivians with a master’s in his field, Riza didn’t wait for an opportunity; he started sending out job applications physically. He initially received an offer from the established Maldives Islamic Bank but, after three months, was presented with an offer from the Bank of Maldives (B.M.L) to help their newly establish Islamic banking division.
“BML Islamic was already established but new in the market, so I joined  because there will be a lot of challenges and new things to learn such as product development and branch operations. I took that challenge,” Riza says.
“I am one of the first few personnel who joined.”
At BML, he handled high-profile customers, worked as a sales & business manager, and served on the Bank’s CSR committee for over three years.
However, Riza had a plan in mind. He aimed to work for a company until the age of 40 and then start his own venture. To achieve this, he put in relentless effort, teaching at colleges alongside his bank job, working up to 60 hours a week. During this time, he saved enough to invest in the equity of a luxury apartment and traveled extensively, which helped him stay grounded.
After six years, in February of the previous year, Riza resigned from BML to fulfill his dream. He sold his apartment to raise capital and invested in businesses that would generate passive income. He also launched his own firm, “Realty Consultancy Consulting Maldives (RCM),” which offers corporate training and business consultancy and realty services. In addition, he conducts seminars and training sessions on money management for the public as part of his personal social responsibility, which is also the key CSR component of RCM.
“In companies, they have corporate social responsibility. Similarly, as individuals, we should have personal social responsibility. Being from the finance field, I feel I should give something back to society,” Riza explains.
“I believe that teaching young people financial literacy and money management is of utmost importance, as many individuals face failures in this area, which can significantly worsen their lives.”
Today, he works for himself, allowing him to dedicate quality time to his newly born son and family. He firmly believes that one must work for someone else for a specific period to earn experience, learn how to deal with people, and learn the know-how of doing business before working for oneself. Achieving this required a significant amount of hard work and sacrifices.
Riza’s advice to today’s youth is simple yet powerful: don’t wait for an opportunity; knock on the doors and work to become financially independent. He also stressed youths to work more than 8 hours and at least to spend an hour or two working for yourself per day.
Riza’s journey serves as a testament to the power of determination, resilience, and seizing opportunities, ultimately transforming a young island boy into a leading expert and successful future entrepreneur and an expert in the field of Islamic finance. His story encourages others to follow their dreams and pursue success with unwavering dedication.