CFO Forum 2025 Highlights Capital Market Growth in the Maldives New

Malé, 30 August 2025 — The CFO Forum 2025, hosted by the Institute of Chartered Accountants of the Maldives (CA Maldives), brought together senior finance professionals, regulators, and market leaders to deliberate on the future of capital market development in the Maldives. The forum showcased key insights through presentations from the Capital Market Development Authority (CMDA), Maldives Stock Exchange (MSE), First National Finance Corporation (FNFC), and Dhivehi Investment Partners (DIP), followed by interactive panel discussions. Notable speakers included Mr. Mohamed Hussain Maniku, Chief Executive Officer of CMDA; Uza. Noorbaan Fahmy, Chief Operating Officer of MSE; Mr. Abdul Wahid Thowfeeq, Chairman of DIP; and Ms. Mariyam Visam, Chief Commercial Officer of FNFC.

Capital Market Development

The CMDA outlined the progress of the Maldivian securities market, noting key milestones such as the establishment of the private market (Viyana) and the growth of investment funds, sukuk, and bonds. Looking ahead, the Authority announced upcoming initiatives including a regulatory sandbox, collective investment schemes, and a framework for virtual assets. CMDA also highlighted the increasing importance of green and blended finance as tools to support climate resilience and advance blue economy projects.

Industry Highlights

The Maldives Stock Exchange, through its “Paradise to Portfolio” initiative, highlighted pathways for businesses to access growth capital, ranging from lighter-disclosure private placements to full public listings. It also emphasized the rising importance of ESG-linked financing and explored future opportunities such as hospitality REITs to channel tourism revenues into investable securities.

First National Finance Corporation drew on its three decades of experience in raising finance through bonds, sukuk, and private capital structures. The firm showcased a track record of innovative financing for key national projects while stressing the importance of robust governance, sound financial performance, and investor trust.

Dhivehi Investment Partners announced the Fedo MVR 55 million bond issuance, marking the first time a Maldivian construction and real estate company tapped the capital market. The firm also introduced the Dhivehi Investment Nafaa Fund (DHINAF), designed to diversify investment opportunities across fixed income, private equity, and real estate, contributing to long-term market development.