In a strategic move to bolster the Maldives’ position as a hub for international finance, President Dr. Mohamed Muizzu has designated the Maldives International Financial Services Authority (MIFSA) as an institution operating under the Ministry of Finance and Planning.
The decision, announced in Directive No. 5/2025 issued on March 13th, comes after thorough studies conducted by relevant parties on developing the country’s international financial sector. These studies advised that regulatory activities for international financial centers should be handled by a separate institution under the Ministry of Finance and Planning.
Formerly operating under the Ministry of Economic Development and Trade, MIFSA began functioning under the Ministry of Finance from March 11th. President Muizzu made this decision under the authority vested in him by Article 116(a) of the Constitution.
MIFSA was established with the aim of creating legal frameworks to facilitate both offshore and onshore financial services in line with the Special Economic Zones Act. Its mandate includes establishing offshore and onshore development banks, supporting international financial centers, and developing solutions to address legal and administrative challenges in the financial market.
Strengthening the Maldives’ Financial Landscape
The move to place MIFSA under the Ministry of Finance and Planning is expected to streamline the regulatory oversight and governance of the country’s international financial services industry. By centralizing these efforts, the Maldives can more effectively attract global investment, foster innovation, and ensure compliance with international standards.
“This decision demonstrates the Maldives’ commitment to developing a robust and well-regulated international financial sector,” said Dr. Ahmed Zubair, the CEO of MIFSA. “By aligning MIFSA with the Ministry of Finance, we can better coordinate our efforts to create an enabling environment for financial institutions and promote the Maldives as a premier destination for international finance.”
The move also aligns with the government’s broader economic diversification strategy, which aims to reduce the country’s reliance on tourism and establish the Maldives as a significant player in the global financial landscape. MIFSA’s expanded mandate under the Ministry of Finance and Planning will be crucial in achieving this vision.
“The Maldives is poised to become a leading international financial center, and this structural change to MIFSA’s oversight is a critical step forward,” said Aishath Nahula, the Minister of Finance and Planning. “We are committed to providing the necessary support and resources to ensure MIFSA’s success in driving the growth of the Maldives’ financial services industry.”
With its strategic location, stable political environment, and commitment to financial innovation, the Maldives is well-positioned to attract global investment and strengthen its position as a hub for international finance. The designation of MIFSA as an institution under the Ministry of Finance and Planning is a significant milestone in this ongoing effort.
About Maldives International Financial Services Authority (MIFSA)
The Maldives International Financial Services Authority (MIFSA) is the primary regulatory body responsible for overseeing and promoting the development of the Maldives’ international financial services industry. Established in line with the country’s Special Economic Zones Act, MIFSA’s mandate includes facilitating offshore and onshore financial services, supporting the growth of international financial centers, and addressing legal and administrative challenges in the financial market.
About the Maldives
The Maldives is an archipelagic nation in the Indian Ocean, known for its stunning natural beauty, luxurious resorts, and warm hospitality. In recent years, the government has made a concerted effort to diversify the country’s economy, with a focus on establishing the Maldives as a hub for international finance and business. The designation of MIFSA as an institution under the Ministry of Finance and Planning is a significant step in this ongoing economic transformation.
Contact Information
For media inquiries, please contact:
Maldives International Financial Services Authority (MIFSA)
Address: 11th Floor, Velaanaage Building, Ameer Ahmed Magu, Malé, Maldives
Phone: +960 333 1111
Email: info@mifsa.gov.mv
Website: www.mifsa.gov.mv
