Special awards, titled the 'Distinguished Contribution to the Financial Sector', have been bestowed upon the individuals and institutions that played a leading role in expanding the Maldivian financial system, the Maldives Monetary Authority announced. These honours, presented at the central bank’s 45th-anniversary celebration, recognise long-term service toward developing a robust financial landscape.
The accolades comprised a 'Special Award' for revolutionary change and an appreciation category for central bank leadership. Recipients of the Special Award included the State Bank of India for introducing pivotal banking services, and former President Maumoon Abdul Gayoom for establishing the central bank in 1981. The late Ismail Fathee earned a posthumous honour for founding the Bank of Maldives, whilst Ilyas Ibrahim and Ibrahim Shafeeq were commended for establishing Allied Insurance. Dr Azeema Adam received a special award for transitioning the national currency to polymer notes through the 'Ran Dhiha Faheh' series.
The appreciation category honoured governors and deputy governors: President Gayoom, Mohamed Jaleel, Qasim Ibrahim, Abdulla Jihad, Dr Fazeel Najeeb, Dr Azeema Adam, Ahmed Naseer, and Ali Hashim. The late Ismail Fathee and Arif Hilmy were also recognised for their service as deputy governors.
Over 45 years, these individuals have shaped a powerful institution that safeguards the financial system, representatives maintained. Under their guidance, the Maldives achieved significant advancements in commercial banking, payment systems, and monetary policy, the central bank observed. These leaders established a modern financial infrastructure.