Author: Mohamed Reehaan

Maldives Islamic Bank (MIB) posted a net profit of USD 7.36 million in the first quarter, up USD 1.18 million on the previous quarter. The Maldives Islamic Bank profit print arrived alongside a sharp expansion of the balance sheet, with total assets rising 11.11% to USD 1.20 billion. MIB Performance Breakdown: Net Profit: USD 7.36 million Total Assets: USD 1.20 billion Customer Deposits: USD 1.00 billion Operating Profit: USD 10.58 million Operating profit climbed USD 3.05 million to reach USD 10.58 million. Customer deposits jumped 12.89% to USD 1.00 billion, a level the bank flagged as clear evidence of growing…

The Maldives Monetary Authority (MMA) has unveiled the inaugural Maldives Financial Sector Award, a new recognition platform designed to honour the contribution of financial institutions to the country’s economic development. The central bank confirmed the launch this week. Moreover, the award programme signals a sharper push by the regulator to convert policy into measurable industry performance. What the Award Recognises The MMA frames the new accolade as a way to celebrate notable achievements across the sector. Specifically, the award acknowledges institutions that have driven the advancement and development of the Maldivian financial system. Furthermore, the central bank sees the programme…

The Maldives Monetary Authority (MMA) has confirmed that the Maldives Financial Expo 2026 will return from June 2 to 4 at Hulhumalé Central Bank. The central bank announced the plans on Monday. Moreover, the three-day showcase positions itself as the must-attend event for financial-sector stakeholders, business leaders, and members of the public tracking the sector’s growth trajectory. A Strategic Window for the Sector The MMA framed the expo as a rollout stage for banks, insurers, and other licensed financial institutions. Specifically, participating firms will use the platform to launch new products, unveil upcoming facilities, and preview pipelines under development. Consequently,…

The Maldives Industrial Fisheries Company (MIFCO) has paid out MVR 78 million to local fishermen during April, marking another strong month for the country’s second-largest economic sector. The MIFCO April tuna payments reflect sustained activity across the skipjack fleet. Moreover, the figures point to a recovering fisheries cycle that has helped lift national export performance in 2026. Total amount disbursed: MVR 78.78 million Fish processed: 4,414 Metric tons Vessels paid: 1,068 Skipjack share: 98.6% April by the Numbers According to the latest MIFCO statistics, the company disbursed exactly MVR 78,778,405 to the fishing community last month. Skipjack tuna dominated the…

President Dr. Mohamed Muizzu has held high-level talks with Sri Lankan Minister of Foreign Affairs, MP Vijitha Herath, to deepen Maldives-Sri Lanka cooperation across environment, tourism, and trade. The two sides framed the discussion as a strategic alignment exercise. Moreover, they signaled clear intent to convert long-standing goodwill into measurable economic outcomes. Courtesy Call Anchors a Strategic Agenda Minister Herath paid the courtesy call on the President during the latter’s ongoing state visit to Colombo. President Anura Kumara Dissanayake had extended the formal invitation. Furthermore, the meeting served as a key engagement on the visit’s official itinerary. Three Sectors Anchor…

The Minister of Construction, Housing and Urban Development, Dr. Abdulla Muththalib, has confirmed that the exact start date for physical works on the Chinese-funded Malé road development project remains undecided. He delivered the update during a parliamentary session on Monday. Moreover, he stressed that the groundwork is moving forward steadily despite the lack of a firm timeline. North-Galolhu MP Mohamed Ibrahim raised the question on the floor. In response, Dr. Muththalib confirmed that feasibility studies have already wrapped up. Furthermore, the ministry has selected the survey and design teams. Survey Teams Arrive Within the Month The minister noted that the…

The Minister of Construction, Housing and Urban Development Dr. Abdulla Muththalib, has sharply rebuked Malé City Council for stalling the resident registration process for government flats. He dismissed the Council’s concerns as baseless. Moreover, he warned that the standoff risks undermining the broader Maldives social housing policy. The minister fielded the question during a parliamentary session. North-Galolhu MP Mohamed Ibrahim had raised the matter, focusing on resident registration and the agreements drawn up by Fahi Dhiriulhun Corporation (FDC) for the flats. Sale and Purchase vs Rent-to-Own Dr. Muththalib laid out the technical position clearly. Every social housing project to date…

President Dr. Mohamed and First Lady Sajidha Mohamed left for Colombo on Sunday afternoon on an official visit. The trip runs from May 3 to 6. Sri Lankan President Anura Kumara Dissanayake extended the invitiation. President Muizzu’s Sri Lanka visit will see the leader meet senior officials in Colombo. Moreover, both heads of state plan to strengthen existing diplomatic ties. Talks will cover several priority sectors. Specifically, the two sides will explore cooperation in education, technical training, and economic collaboration. Additionally, the leaders aim to boost coordination across regional and international forums. Both Presidents will also witness the signing of…

The Maldives Monetary Authority (MMA) recorded MMA foreign currency sales of USD 1.1 billion (MVR 17 billion) in 2025. This marks a 10% increase from 2024. In comparison, the central bank sold USD 998 million in 2023 and USD 994 million the year prior. SOEs Absorbed the Largest Share State-owned Enterprises (SOEs) accounted for 60% of total sales. That translates to USD 651 million, or MVR 10 billion. SOEs directed these funds primarily toward fuel, essential food items, medicine, medical equipment, and debt servicing. Notably, fuel imports alone consumed 70% of the SOE allocation. The MMA channeled approximately USD 460…

STO Healthcare officially introduced Bayer pharmaceuticals in Maldives at a dedicated launch ceremony held at Hotel Jen, Malé. The event marked a pivotal step in the country’s ongoing effort to modernize its healthcare sector. Senior healthcare officials, local medical experts, and international specialists attended the ceremony. Together, they engaged in in-depth discussions on the latest innovations across five key medical disciplines: cardiology, nephrology, endocrinology, internal medicine, and women’s health. The treatments on display are evidence-based therapies with proven outcomes in developed nations worldwide. Notably, each product completed a thorough registration process under the standards of the Maldives Food and Drug…