MIFSA Discusses Development Bank in High-Profile Meetings Across the Middle East

Photo: Christoph Schulz/Unsplash

The Maldives International Financial Services Authority (MIFSA) has been holding a series of high-profile meetings with development banks in the Middle East.

Today, MIFSA met with the Qatar Development Bank (QDB) for an introductory meeting to discuss the Development Bank of Maldives, which is slated to open in July.

Speaking on X, MIFSA also said a specialised working group will be set up during the meeting to foster continuous collaboration with QDB.

Yesterday, the MIFSA delegation met with Ian Johnston, the Chief Executive of the Dubai Financial Services Authority (DFSA), and officials from the Dubai International Financial Centre (DIFC) in Dubai.

MIFSA stated that the discussions centred on ownership structure, regulatory strategies, and service delivery models. It added that the aim was to incorporate best practices and innovative approaches from Dubai’s established financial frameworks into developing the DBM.

The trip also included a visit to Bahrain on June 8, where MIFSA’s delegation met with the Central Bank of Bahrain (CBB), the Bahrain Development Bank (BDB), and the Bahrain Association of Banks (BAB).

The discussions focused on cooperation and development within the financial services sector, leading to the agreement to sign Memoranda of Understanding (MoUs) between MIFSA, CBB, BAB, and BDB.

Set to be launched in July, the Development Bank of Maldives Limited was established as a fully state-owned entity on May 16, under the authority granted to President Dr Mohamed Muizzu by Section 15 of the Companies Act (Act No. 7/2023)

The government established MIFSA earlier in January to foster the development of the financial industry.

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