Qatar Financial Centre to Support Maldives in Establishing Financial Regulatory Body

The Qatar Financial Centre (QFC) has announced its commitment to assist the Maldives International Financial Services Authority (MIFSA) as it works to establish a regulatory framework for the nation’s emerging financial sector. 

This collaboration follows a formal agreement signed with the Ministry of Economic Development and Trade of the Maldives.

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The ministry highlighted the importance of this partnership in developing institutional capacity and gaining access to key operational and financial management strategies used by established financial hubs worldwide. The agreement is also expected to enhance the Maldives’ engagement with other financial institutions, regulatory bodies, and legal authorities, laying the groundwork for a robust regulatory environment.

Commenting on the initiative, Minister of Economic Development and Trade Mohamed Saeed noted that the collaboration aligns closely with the strategic vision of President Dr Mohamed Muizzu. He expressed confidence that QFC’s expertise and resources will be instrumental in advancing MIFSA’s development.

Muizzu has outlined a economic strategy aimed at positioning the Maldives as a regional financial hub. This includes the relocation of fuel storage facilities in Funadhoo, Kaafu Atoll, to Maagiri Falhu, the establishment of a Special Economic Zone in Funadhoo, and plans to develop the island as a centre for financial services. 

Additionally, the government intends to construct a bridge connecting Male’ City, Funadhoo, Hulhule’, and Hulhumale’, further supporting infrastructure and regional connectivity for future financial initiatives.