FORMER LABUAN IBFC EXECUTIVE CHAIRMAN ISKANDAR NULI APPOINTED MIFSA CEO

LABUAN, Nov 22 (Bernama) -- 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.

In a statement today, MIFSA said 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.

“We are delighted to welcome Datuk Iskandar to lead MIFSA. His background in developing an international financial centre and his regulatory experience will be instrumental in realising Maldives' vision for MIFC,” said a MIFSA board official.

Iskandar said he was honoured to assume the role.

“The government of the Maldives’ commitment to developing a next-generation, sustainable financial hub provides a unique opportunity to attract global investment and position Maldives as a competitive player in international finance,” he said.

Iskandar is well recognised for his long service with the Labuan International Business and Financial Centre (Labuan IBFC).

After beginning his career at Bank Negara Malaysia in 1990, he joined the newly established Labuan Financial Services Authority (Labuan FSA) in 1996 as one of its pioneer officers.

Over nearly three decades, he served as director, senior director and subsequently deputy director-general, overseeing key functions including legal affairs, supervision, policy development, business authorisation, communications and human resources.

He played a central role in drafting the Labuan Financial Services Authority Act 1996 and later led a major legal modernisation of the Labuan IBFC framework between 2008 and 2010, which strengthened regulatory standards and aligned the jurisdiction with international requirements.

Iskandar also introduced the world’s first codified Islamic finance legislation for an offshore centre, and his other contributions extended 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, where he expanded 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 (US$1=RM4.14) 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 viewed as a strategic step in advancing this national initiative, with stakeholders expressing confidence in his experience in developing and promoting an international financial centre.

-- BERNAMA