Former Maldivian VP Jihad appointed as chairperson of MIFSA

Abdulla Jihad, the former vice president and finance minister of Maldives, has been appointed as the chairperson of the Maldives International Financial Services Authority (MIFSA).

In a post on X on Tuesday evening, Economic Minister Mohamed Saeed announced that President Dr. Mohamed Muizzu has appointed the governing board of MIFSA, and appointed Jihad as the chairperson.

Jihad, 61, served in former Maldivian president Abdulla Yameen Abdul Gayoom’s cabinet, first as finance minister from November 2013 to June 2016, and later, as the vice president.

“Confident that the collective efforts will fulfill Pres Muizzu’s vision to transform financial sector,” wrote Saeed, in his post.

MIFSA is a new state institution established by President Muizzu on January 21.

According to the President’s Office, MIFSA is mandated to develop a legal framework for the provision of onshore financing services, in addition to offshore financing services mentioned in the Special Economic Zones Act.

The establishment of MIFSA is designed to enable the formation of offshore and onshore development banks and international financial centers.

The new institution will also conduct research to seek modern solutions for the legal and administrative challenges of establishing a competitive system to develop financial markets.

Back in January, Saeed said the establishment of MIFSA would pave the way “for establishing a modern regulatory framework to attract a development bank and other financial services necessary for achieving our development vision.”

The Special Economic Zone Act defines offshore financial services as financial services “established in a zone as an offshore financial service provided under an offshore financial services license; not ordinarily provided directly to residents; and attracts incentives permitted to be given under the Act.”

According to the Act, this covers:

• Banking services authorized by the Maldives Monetary Authority
• Securities services authorized by the Capital Market Development Authority
• Insurance services authorized by the Maldives Monetary Authority
• Finance leasing services authorized by the Maldives Monetary Authority
• Collective investment schemes authorized by the Capital Market Development Authority
• Every other financial service authorized either by the Maldives Monetary Authority or Capital Market Development Authority.

MIFSA falls under the Economic Ministry’s mandate.