News Desk
Malé, Maldives — The Maldives has appointed Datuk Iskandar Mohd Nuli as Chief Executive Officer of the Maldives International Financial Services Authority, a move that signals the country’s determination to carve out a place as a serious player in global finance.
Iskandar, widely regarded as one of Asia’s most accomplished architects of international financial centres, brings more than three decades of experience in regulation, legislative reform and market development. His arrival is seen as a turning point for the Maldives International Financial Centre; a project designed to diversify the island nation’s economy beyond tourism and establish Malé as a financial gateway for the Indian Ocean.
Iskandar’s reputation was forged in Malaysia, where he helped build the Labuan International Business and Financial Centre from its earliest days. Joining Labuan’s financial authority in 1996, he rose to Deputy Director-General and oversaw legal affairs, supervision, policy and communications. His leadership modernised Labuan’s regulatory framework and strengthened its credibility among global investors.
He is credited with drafting the Labuan Financial Services Authority Act of 1996 and later leading a comprehensive overhaul of Labuan’s legal framework between 2008 and 2010. That effort aligned the jurisdiction with international standards and introduced the world’s first codified Islamic finance legislation for the offshore sector. His influence extended to Malaysia’s national financial crime architecture, where he served on key anti-money laundering committees.
From 2020 to 2025, Iskandar chaired Labuan IBFC Inc., the jurisdiction’s promotional arm, expanding its reach into China, Singapore, Japan, Dubai and other markets. Under his stewardship, Labuan gained recognition in captive insurance, wealth management and Islamic finance. His reappointment in 2024 underscored his enduring role in shaping Labuan’s global profile.
The Maldives International Financial Centre, launched earlier this year as an $8.8 billion joint venture with MBS Global Investments, is envisioned as a sustainable financial freezone. It will feature renewable energy systems, international-standard regulations and a modern ecosystem designed to attract banks, fintech firms, investment managers and digital economy players.
MIFSA’s board described Iskandar’s appointment as critical to realizing the government’s ambitions. In a statement, Iskandar said he was honoured to take on the role and emphasized the Maldives’ commitment to building a next-generation hub that could draw global investment.
Analysts say the choice of Iskandar reflects the Maldives’ seriousness in pursuing its financial centre project. His track record of building and promoting Labuan from the ground up suggests that Malé may now be positioned to emerge as the Indian Ocean’s next major financial hub.
Maldives Unveils Ambitious Financial Hub to Diversify Economy
