Mal©: The Maldives International Financial Services Authority (MIFSA) has appointed Datuk Iskandar Mohd Nuli as its new chief executive officer, marking an important step in the Maldives’ efforts to develop a competitive international financial centre.
According to BERNAMA News Agency, MIFSA stated that Iskandar brings more than 30 years of experience in financial regulation, offshore centre development, legislative reform, and international market promotion. His appointment is expected to support the Maldives International Financial Centre (MIFC) in meeting its long-term objectives.
A MIFSA board official expressed delight over Iskandar’s appointment, emphasizing that his experience in developing an international financial centre and regulatory expertise will be crucial in realizing the Maldives’ vision for MIFC.
Iskandar stated that he was honoured to assume the role, highlighting the Maldives government’s commitment to developing a next-generation, sustainable financial hub as a unique opportunity to attract global investment and position the Maldives as a competitive player in international finance.
Iskandar is renowned for his extensive service with the Labuan International Business and Financial Centre (Labuan IBFC). His career began at Bank Negara Malaysia in 1990, and he joined the newly established Labuan Financial Services Authority (Labuan FSA) in 1996 as a pioneer officer. Over nearly three decades, he served in various capacities, including director, senior director, and deputy director-general, overseeing key functions such as legal affairs, supervision, policy development, business authorisation, communications, and human resources.
He played a significant role in drafting the Labuan Financial Services Authority Act 1996 and later led a legal modernisation of the Labuan IBFC framework between 2008 and 2010, enhancing regulatory standards and aligning the jurisdiction with international requirements. Iskandar also introduced the world’s first codified Islamic finance legislation for an offshore centre and contributed to national financial crime governance, including serving as a founding member of the executive committee of the National Anti-Financial Crime Centre (NFCC) and the National Coordinating Committee on Anti-Money Laundering (NCC).
From 2020 to 2025, he served as executive chairman of Labuan IBFC Inc. Sdn Bhd, expanding Labuan’s global outreach in key markets such as China, Singapore, Indonesia, Japan, Dubai, Qatar, Bangladesh, and the Philippines.
The MIFC, launched earlier this year as a US$8.8 billion joint venture between the government of Maldives and MBS Global Investments, aims to diversify the country’s economy beyond tourism by establishing a modern financial free zone. Designed with renewable energy integration, international-standard regulations, and a live-work-play ecosystem, MIFC aims to attract global banks, fintech firms, investment managers, and digital economy companies.
Iskandar’s appointment is seen as a strategic step in advancing this national initiative, with stakeholders expressing confidence in his experience in developing and promoting an international financial centre.