President Muizzu Establishes National Exchange to Boost Capital Markets and Islamic Finance

President Dr. Mohamed Muizzu has established National Exchange Limited, a state-owned company designed to develop and operate a government-backed secondary securities market in the Maldives. The move aims to modernize the nation's financial infrastructure and provide a structured platform for government financing. Established under Presidential Decree No. 16/2026, the company utilizes powers granted to the president under the Companies Act of 2023. National Exchange Limited will be wholly owned by the Maldivian state, ensuring that the development of the capital market aligns with national economic priorities. A primary objective of the new entity is to strengthen the Maldives' Islamic finance sector. The company is tasked with facilitating the issuance, listing, and trading of government securities, including Sharia-compliant sukuk and other specialized financial instruments. By doing so, the government seeks to increase the role of Islamic finance within the broader economy. Beyond trading, National Exchange Limited will provide critical post-trade infrastructure. This includes the establishment of a central securities depository and the implementation of professional clearing and settlement services. These additions are expected to increase market transparency and integrity, making the Maldivian market more attractive to both domestic and international investors. The government stated that the company will collaborate with various financial institutions globally and locally to build a resilient and sustainable financial ecosystem. This initiative reflects a broader strategic effort to expand the country's capital-market infrastructure, reducing reliance on traditional funding methods and fostering a more dynamic investment environment.