Abdulla Jihad, the former Vice President and former Finance Minister of Maldives, has assumed the role of Chairperson of the Maldives International Financial Services Authority (MIFSA).

Economic Minister Mohamed Saeed revealed the appointment in a statement posted on X on Tuesday evening, announcing President Dr. Mohamed Muizzu's selection of Jihad to lead the governing board of MIFSA.

Jihad, aged 61, previously served in the cabinet of former Maldivian President Abdulla Yameen Abdul Gayoom, initially as Finance Minister from November 2013 to June 2016, and later as Vice President.

Established by President Muizzu on January 21, MIFSA is a newly formed state institution tasked with developing a legal framework for both onshore and offshore financing services.

This includes offshore financial services outlined in the Special Economic Zones Act.

MIFSA's mandate extends to facilitating the establishment of offshore and onshore development banks and international financial centers.

Additionally, the institution will conduct research to address legal and administrative challenges and devise modern solutions to develop financial markets.

Under the Special Economic Zone Act, offshore financial services encompass a range of authorized banking, securities, insurance, and leasing services, as well as collective investment schemes.

As MIFSA falls within the purview of the Economic Ministry, its formation represents a significant step toward enhancing the Maldives' financial landscape.