News Desk
MALE’ — The Maldives Monetary Authority opened its Financial Expo on Thursday at Hulhumale’ Central Park, with President Dr Mohamed Muizzu inaugurating the event, which runs until Saturday and brings together the country’s financial institutions under a single platform for the first time in nearly a decade.
The expo, themed around empowering a sustainable future through inclusion, innovation and expertise, will feature sessions led by financial experts, product launches by institutions and prize draws for visitors.
The last time the MMA held a Financial Expo was in 2017. Before that, one was held in 2015.
Alongside the expo launch, the MMA used its 45th anniversary to recognise individuals and institutions that have shaped the Maldivian financial system since the central bank’s establishment in 1981. The Distinguished Contribution to the Financial Sector awards were divided into two categories: special awards for those who brought transformative change to the sector, and recognition awards for former governors and deputy governors.
Five special awards were presented. The State Bank of India received recognition for introducing modern banking to the Maldives and laying the foundations of its financial system. Former President Maumoon Abdul Gayoom was honoured for his role in establishing the MMA in 1981 and building the framework for a modern financial system. The late Ismail Fathuhee was recognised posthumously for his central role in establishing the Bank of Maldives and expanding commercial banking in the country. Ilyas Ibrahim and Ibrahim Shafeeq were jointly recognised for founding Allied Insurance, the country’s first insurance company, and developing the insurance sector. Former MMA Governor Dr Azeema Adam received a special award for leading the introduction of the Randhihafaheh polymer banknote series, which modernised and secured the country’s currency.
Ten former governors and deputy governors were also recognised, spanning the MMA’s full 45-year history. They include Maumoon Abdul Gayoom, who served as governor from 1981 to 2004; Mohamed Jaleel, who served as both governor and deputy governor; Qasim Ibrahim; Abdulla Jihad; Dr Fazeel Najeeb; Dr Azeema Adam; Ahmed Naseer; and Ali Hashim, who served until 2024. Former deputy governors Ismail Fathuhee and Arif Hilmy were also among those recognised.
In a separate ceremony, the MMA presented its inaugural Excellence in Financial Inclusion awards under the newly launched Maldives Financial Sector Awards, which cover seven categories including digital finance, green finance, SME support and innovation. Maldives Islamic Bank and Allied Insurance Company received the financial inclusion award. MIB was recognised for its Apply Now digital platform, which allows customers to access banking services remotely, and for its work expanding Islamic banking across the archipelago. Allied was recognised for making insurance more accessible to individuals and businesses and broadening participation in the formal financial protection system.
The Maldives Financial Sector Awards will be a recurring feature, the MMA said, designed to encourage innovation and financial inclusion across the sector.
