New SOE, National Exchange Ltd, established to operate govt. backed secondary security market

President Dr. Mohamed Muizzu, on Thursday, has established a new state-owned enterprise, National Exchange Limited.

The company was officially established under Presidential Decree No. 16/2026, in accordance with the powers granted to the President under Section 15 of the Companies Act (Act No. 7/2023).

According to the President’s Office, National Exchange Limited is a wholly state-owned enterprise established to facilitate the development and operation of a government-backed secondary securities market, support the State’s financing needs, and contribute to the continued growth of the Islamic finance sector in the Maldives.

The company’s key objectives include advancing the Maldives’ capital market on behalf of the Government, enhancing market integrity and transparency, and establishing and operating modern securities exchanges and trading platforms.

Its mandate also covers facilitating the issuance, listing, and trading of government securities, Shariah-compliant Sukuk, and other financial instruments. In addition, the company will provide post-trade services, including central securities depository, clearing, and settlement functions.

National Exchange Limited will also seek to promote a resilient and sustainable financial market in the Maldives through strategic cooperation with domestic and international financial institutions.