Malaysian expert appointed as CEO to lead Maldives' financial zone development

Dato' Iskandar Mohamed Nuli, a veteran Malaysian expert, has been appointed as the Chief Executive Officer (CEO) of the Maldives International Financial Services Authority (MIFSA).

Dato' Iskandar, appointed as CEO of MIFSA, the government agency tasked with developing and facilitating the Maldives International Financial Centre (MIFC) in collaboration with MBS Global Investments and the Maldivian government, brings over 30 years of experience in the offshore financial sector and financial services regulatory bodies.

The agreement to establish the Maldives International Financial Centre (MIFC), and USD 8.8 billion financial free zone, was signed between the Maldivian government and MBS Global Investments on May 5th of this year.

MIFSA's responsibilities, as the government's facilitating body, include developing, promoting, and assisting the MIFC.

The Maldivian government stated that MIFSA's mandate includes establishing robust regulations and frameworks, ensuring adherence to international standards, and paving the way for the MIFC to become a credible and competitive destination in the international financial sector.

Dato Iskandar began his career in 1990 at Bank Negara Malaysia (Malaysia's central bank).

In 1996, he was a key staff member involved in the establishment of the Labuan Financial Services Authority (Labuan FSA).

He has held senior roles at Labuan FSA, including Director, Senior Director, and finally Deputy Director General, where he oversaw daily administrative matters and key departments like Legal, Supervision, Policy, and Human Resources.

From January 2020 to January 2025, Dato' Iskandar also served as the Executive Chairman of Labuan IBFC Bhd.

He holds a Bachelor of Laws (Honors) from the International Islamic University (as a practicing lawyer), a Master of Business Administration, and a Doctorate in Management. He is also a Certified Financial Investigator and has practiced law in Sarawak, Malaysia.

A senior official from the MIFSA Board stated that Dato Iskandar's capacity to build an international financial center, combined with his experience in financial services and international standards, will play a crucial role in realizing the Maldivian government's vision.

Dato Iskandar called his appointment a great honor, stating:

"The Maldivian government's commitment to developing a modern, sustainable financial center is a golden opportunity to attract global investments and establish the Maldives as a competitive player in the international financial sector."

The Maldivian government stated that the USD 8.8 billion financial free zone project will bring significant advancements to the Maldives.

The Ministry of Finance noted that the MIFC, designed to operate fully sustainably, aims to attract global financial institutions, FinTech innovators, entrepreneurs, and digital talent to the Maldives.

 "Designed with future-focused regulations, renewable energy, and a comprehensive environment suitable for living, working, and leisure, the MIFC will transform Male' into the most advanced international business and financial hub in the Indian Ocean region."  

At the groundbreaking ceremony for the financial free zone, which will be established in the currently reclaimed Phase III of Hulhumalé, Deputy Minister of Finance Ahmed Saaid Musthafa called it a crucial project for advancing the Maldivian economy for the next 50 years, predicting a major economic shift with more foreign investors.

MBS Global Investments Group CEO Nadeem Hussain stated that the financial center will transform the region, opening up numerous opportunities for further foreign investment.

The MIFC is a massive economic project led by the Maldivian government in collaboration with MBS Global Investments. Its goal is to diversify the Maldivian economy beyond tourism by attracting global financial institutions, FinTech innovations, and digital talent.

The project is scheduled for completion in 2030, with a target of generating over USD 1 billion in annual revenue by the fifth year of operation.