Former Vice President Abdulla Jihad has been named the Chairperson of the Maldives International Financial Services Authority.
In a post on social media, Minister of Economic Development and Trade Mohamed Saeed announced the appointment on social media, highlighting President Dr. Mohamed Muizzu's decision. He also emphasised collaborative efforts across various agencies to bolster the economy and achieve the vision of the President.
The establishment of the Maldives International Financial Services Authority, mandated by President Dr. Muizzu under Article 116 of the Maldives Constitution, signifies a strategic move to enhance financial services. It includes both on-shore and off-shore financing, as outlined in the Special Economic Zone Act. The agency, operating under the Ministry of Economic Development and Trade, is tasked with developing the legal framework for financial services and fostering the growth of on-shore and off-shore development banks, alongside international financial centers. Its broader mission includes researching modern solutions to legal and administrative barriers hindering the financial market's advancement and promoting a competitive financial ecosystem in the Maldives.