The Maldives International Financial Services Authority (MIFSA) recently undertook a pivotal visit to the Central Bank of Bahrain (CBB), reinforcing the bilateral relationship between the two financial entities. Led by MIFSA Chairperson H.E. Abdulla Jihad and Central Bank of Bahrain Governor H.E. Khalid Humaidan, the meeting centred on Bahrain’s regulatory frameworks and their application across various sectors including banking, fintech, capital markets, asset management, and insurance.
During the meeting, CBB shared valuable insights into its regulatory approaches, underscoring the robust and dynamic environment that has positioned Bahrain as a leading financial hub in the region. The financial services sector in Bahrain is notably significant, being the second largest non-oil sector and contributing 17.5% to the nation’s GDP.
Expanding Collaborative Horizons
In addition to the discussions with CBB, the MIFSA delegation engaged with key stakeholders such as the Bahrain Development Bank (BDB) and the Bahrain Association of Banks (BAB). These interactions aimed to explore avenues for mutual cooperation and development within the financial services sector.
One of the significant outcomes of the visit was the agreement to enter into Memoranda of Understanding (MoUs) between MIFSA, CBB, BAB, and BDB. These MoUs are set to foster collaboration on several fronts, including the establishment of MIFSA, the development of an International Financial Centre, and the foundation of the Development Bank of Maldives.
These agreements mark a crucial step towards enhancing the financial infrastructure and capabilities of the Maldives, aiming to emulate Bahrain’s successful model of financial regulation and development.
A Vision for the Future
The visit by the MIFSA delegation signifies a forward-looking approach to financial sector development, focusing on adopting best practices and fostering international partnerships. By aligning with Bahrain’s advanced regulatory frameworks and development strategies, the Maldives aims to strengthen its financial services sector, ensuring robust growth and enhanced economic stability.
The collaboration with Bahrain’s financial institutions is expected to bring about significant advancements in the Maldives’ financial landscape, supporting its ambitions to become a competitive player in the global financial market.
