The Maldives International Financial Services Authority (MIFSA) has named Iskandar Mohd Nuli, a veteran Malaysian regulator, as its new Chief Executive Officer. The appointment reflects the government’s determination to advance the Maldives International Financial Centre, a flagship project designed to diversify the nation’s economy beyond its longstanding reliance on tourism.
The authority, established to oversee and implement the centre, said Nuli brings more than 30 years of specialised expertise in offshore financial services and regulatory institutions.
Nuli began his career at Bank Negara Malaysia in 1990, before assuming senior roles across Malaysian financial authorities. He was instrumental in the establishment of the Labuan Financial Services Authority in 1996, later holding multiple leadership positions within the institution. His most recent role was Executive Chairman of the Labuan International Business and Financial Centre, which he led from January 2020 until January 2025.
The Maldives International Financial Centre, launched earlier this year in partnership with MBS Global Investments, represents one of the country’s most ambitious economic undertakings. With an investment of USD 8.8 billion, the project is intended to broaden the Maldivian economy into sectors beyond tourism.
The centre has been conceived as a financial free zone designed to operate sustainably while attracting global financial institutions, FinTech innovators, entrepreneurs and digital professionals. The government has articulated a vision of transforming Malé City into the most advanced international business and financial hub in the Indian Ocean region.
The centre’s regulatory framework and physical infrastructure are being developed with a forward‑looking emphasis. Plans include renewable energy integration, progressive regulations and the creation of a comprehensive environment that supports living, working and recreation. Officials have described the project as transformative, positioning the Maldives to reshape its economic landscape and establish itself as a regional financial powerhouse.