President Dr Mohamed Muizzu has established a state-owned company, National Exchange Limited.

The company was established today under a Presidential Decree pursuant to the powers vested in the president under Section 15 of the Companies Act.

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 requirements and contribute to the continued expansion of Islamic finance in the Maldives.

The company’s primary objectives are to advance the Maldives’ capital market on behalf of the government, strengthen market integrity and transparency, and establish and operate modern securities exchanges and trading facilities.

Its mandate also includes facilitating the issuance, listing and trading of government securities, Sharia-compliant sukuk and other financial instruments. The company will also provide post-trade services, including central securities depository, clearing and settlement functions.

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