President Dr. Mohamed Muizzu today established the Maldives International Financial Services Authority (MIFSA).
The establishment of this authority is a decision by the president and the cabinet after a thorough review of a proposal presented by the Minister of Economic Development and Trade.
Economic Minister Mohamed Saeed stated today that establishing this authority will pave the way for creating a modern regulatory framework to attract a Development Bank and other financial services necessary for achieving our development vision.
The operations of this authority will be governed by onshore banking license regulations, to be defined by the Maldives Monetary Authority. Additionally, plans are underway to draft a bill, soon to be presented to Parliament, for the creation of international financial centers within the Maldives. This legislation will grant legal empowerment to the Maldives Development Bank.
The establishment of a Development Bank aligns with the objectives outlined in the new government’s manifesto, with plans to achieve this milestone within the initial 14 weeks.
A Development Bank is a financial institution designed to provide risk capital for non-commercial economic development projects.