Gov’t Establishes State-Owned National Exchange Limited to Develop Securities Market
A new state-owned company will support government financing and the expansion of Islamic finance through the development of a government-backed secondary securities market in the Maldives.
National Exchange Limited, established by President Dr Mohamed Muizzu under Presidential Decree No. 16/2026, will facilitate the issuance, listing and trading of government securities, Shari’ah-compliant Sukuk and other financial instruments. A secondary market allows investors to buy and sell securities after their initial issuance.
The wholly state-owned company has been established under Section 15 of the Companies Act (Act No. 7/2023). Its objectives include advancing the country’s capital market on behalf of the Government, strengthening market integrity and transparency, and establishing and operating modern securities exchanges and trading facilities.
Its responsibilities will extend beyond trading to the infrastructure needed to complete and record transactions. The company’s mandate includes central securities depository services, clearing and settlement functions, which support the holding of securities and the transfer of assets and payments between market participants.
National Exchange Limited will also pursue collaboration with domestic and international financial institutions as part of its mandate to develop a resilient and sustainable financial market in the Maldives.
