Utilizing the SEZ Act of 2014, President Mohamed Muizzu has established the Maldives International Financial Services Authority (MIFSA) to offer offshore financing services, marking a pivotal diversification of the Maldives' economy and expanding its financial sector's capabilities.
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In a landmark move to bolster the Maldives' financial services sector, President Mohamed Muizzu, leveraging the authority granted by the Special Economic Zones (SEZ) Act of 2014, has inaugurated the Maldives International Financial Services Authority (MIFSA). This pivotal initiative aims to introduce comprehensive offshore financing services across the nation, signaling a major leap in diversifying the economic landscape of the Maldives.
Overseen by the Ministry of Economic Development and Trade, MIFSA's establishment was first announced by President Muizzu on January 4th, with plans to locate the authority on Funadhoo Island, just across Malé. This strategic move includes relocating the current fuel storage facility to Maagirifalhu, as confirmed by the President's Office.
MIFSA is set to craft a robust legal framework to support not only offshore but also onshore financing services as outlined in the SEZ Act. "The creation of MIFSA paves the way for the development of offshore and onshore development banks, international financial centers, and the exploration of modern solutions to the legal and administrative hurdles in crafting a competitive financial market system," stated the President's Office.
Emphasising the significance of this development, President Muizzu shared, "Transforming Funadhoo Island into an international financial centre and fostering its development encapsulates our broader vision for the Maldives."
During the inauguration of Velana International Airport's third development phase, President Muizzu expressed his commitment to establishing international financial centres within the Maldives, with MIFSA being a foundational step toward this goal.
Further expanding the economic development strategy, the President announced the establishment of a re-export Special Economic Zone at Thilafushi, to be operated by the Maldives Industrial Free Zone Company. "Our goal is to synergize this with other initiatives, transforming it into a world-class international re-export SEZ," he added.
The establishment of MIFSA and the forthcoming financial centers and SEZs are indicative of the Maldives' ambitious plans to enhance its position as a key player in the global financial and trade sectors.
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