The Maldives Monetary Authority (MMA) has hosted the inaugural "Maldives Financial Sector Awards" to honor individuals and institutions that have played a pivotal role in expanding and strengthening the nation's financial system.
During a ceremony held last night at Barceló Nasandhura to mark the MMA's 45th anniversary, the "Distinguished Contribution to the Financial Sector" award was presented to those who have provided long-term service in developing the Maldivian financial sector into a credible and modern industry.
The awards were categorized into two main segments: the "Special Award," presented to those who brought revolutionary changes to the financial sector, and a segment dedicated to recognizing the Governors and Deputy Governors who led the MMA over the past 45 years.
Special Awards
The recipients of the Special Awards for driving significant transformations in the financial sector include:
- Former President Maumoon Abdul Gayoom: For his leading role in establishing the MMA in 1981 and laying the foundation for a robust financial system in the Maldives.
- Late Ismail Fathuhee: For his instrumental role in the establishment of the Bank of Maldives (BML) and his efforts to expand commercial banking services.
- Ilyas Ibrahim and Ibrahim Shafeeq: For their work in establishing Allied Insurance, the country’s first insurance company, and advancing the insurance sector.
- Former Governor Dr. Azeema Adam: For her visionary leadership in introducing the "Ran Dhihafaheh" banknote series, transitioning Maldivian currency to polymer notes, and implementing a secure, modern monetary system.
- State Bank of India (SBI): For its significant role in introducing banking services to the Maldives, laying the groundwork for a modern financial system, and its long-standing service to the nation.
Recognition of Former Governors and Deputy Governors
The ceremony also honored former Governors and Deputy Governors who have worked to strengthen the central banking system since the inception of the MMA.
Former Governors honored
- Former President Maumoon Abdul Gayoom (1981–2004)
- Mohamed Jaleel (Governor: 2004–2005 / Deputy Governor: 2000–2004)
- Qasim Ibrahim (2005–2007)
- Abdulla Jihad (Governor: 2007–2008 / Deputy Governor: 2005–2007)
- Dr. Fazeel Najeeb (2008–2013)
- Dr. Azeema Adam (2014–2017)
- Ahmed Naseer (2017–2019)
- Ali Hashim (2019–2024)
Former Deputy Governors honored
- Late Ismail Fathuhee (1981–1993)
- Arif Hilmy (1993–2000)
The MMA noted that under the guidance of these individuals, the Maldives achieved major milestones in its financial history, including the expansion of commercial banking, the development of the insurance sector, the modernization of payment systems, the strengthening of financial regulations, and the formulation of monetary policies.
In addition to these honors, awards were presented to other entities for notable achievements in areas of the financial sector:
- Excellence in Financial Inclusion: Maldives Islamic Bank (MIB), for its efforts to eliminate barriers to financial services and ensure accessibility for underserved individuals and communities.
- Excellence in Emerging Financial Innovation: FahiPay, in recognition of its work in advancing technology and digital payment systems within the Maldivian financial sector.
- Excellence in Green and Sustainable Finance: Bank of Maldives (BML), for its contributions to environmentally friendly and sustainable financial assistance.
- Excellence in Digital Finance and Innovation: Bank of Maldives (BML), in recognition of the bank's efforts to modernize financial services through digital technology and innovation.
