The Maldives Monetary Authority (MMA) held its first “Maldives Financial Sector Awards” ceremony this week, recognizing individuals and institutions that have shaped the country’s financial system over more than four decades.
The event took place at the Barceló Nasandhura Malé hotel as part of celebrations marking MMA’s 45th anniversary. Governor Ali Munawar Mohamed presented awards to former central bank leaders, financial institutions and pioneering figures in banking and insurance.
The awards were divided into two main categories. The first, a Special Award, recognized individuals who brought transformative change to the financial sector. The second honored former governors and deputy governors who led MMA since its founding in 1981.
Special Recognition Awards
Former President Maumoon Abdul Gayoom received the Distinguished Contribution to the Financial Sector Award for his role in establishing MMA in 1981 and laying the foundation of the country’s modern financial system. His son, Faris Maumoon, accepted the award on his behalf.
The late Ismail Fathuhee was recognized for his contribution to founding the Bank of Maldives and expanding commercial banking services in the country.
Ilyas Ibrahim and Ibrahim Shafeeq received awards for establishing Allied Insurance, the Maldives’ first insurance company, and for their work in developing the insurance sector.
Former Governor Dr. Aishath Zahira Adam was honored for introducing the polymer banknote series during her tenure, a move that modernized the security and durability of Maldivian currency.
The State Bank of India was recognized for introducing banking services to the Maldives and for its long-standing role in building the foundation of the country’s modern financial sector.
Former Governors and Deputy Governors Honored
MMA also recognized every former governor and deputy governor who had served since the institution’s establishment. The former governors honored were Maumoon Abdul Gayoom (1981 to 2004), Mohamed Jaleel (governor from 2004 to 2005, deputy governor from 2000 to 2004), Qasim Ibrahim (2005 to 2007), Abdulla Jihad (governor from 2007 to 2008, deputy governor from 2005 to 2007), Dr. Fazeel Najeeb (2008 to 2013), Dr. Aishath Zahira Adam (2014 to 2017), Ahmed Naseer (2017 to 2019), and Ali Hashim (2019 to 2024).
Former deputy governors Ismail Fathuhee (1981 to 1993) and Arif Hilmy (1993 to 2000) were also honored.
MMA said the leadership of these officials contributed to the expansion of commercial banking, the growth of the insurance sector, the modernization of the payment system, and the strengthening of financial regulations and monetary policy over the years.
Institutional Awards
Beyond the special recognitions, MMA presented awards to institutions for notable achievements in specific areas of the financial sector.
The Maldives Islamic Bank received the Excellence in Financial Inclusion award for expanding access to financial services in underserved communities. Fahipay was awarded Excellence in Emerging Financial Innovation for its contribution to digital payment technology. The Bank of Maldives received two awards, Excellence in Green and Sustainable Finance and Excellence in Digital Finance and Innovation, for its work in sustainable financing and digital modernization of banking services.
