President Dr Mohamed Muizzu has established National Exchange Limited, a wholly state-owned company mandated to support government financing and expand Islamic finance through the development of a government-backed secondary securities market in the Maldives. The initiative provides a dedicated institutional framework for strengthening the country’s capital market and developing the infrastructure needed for securities transactions.
Established under Presidential Decree No. 16/2026, pursuant to Section 15 of the Companies Act, Act No. 7/2023, the company will facilitate the issuance, listing and trading of government securities, Shari’ah-compliant Sukuk and other financial instruments. Its mandate brings together market development and essential transaction services to support a more structured financial marketplace.
A secondary securities market allows investors to buy and sell securities after their initial issuance. Developing this market could provide investors with greater flexibility to manage their holdings and create opportunities for more active participation in government securities and other eligible instruments. Its effectiveness will depend on the trading facilities, market participation and operational arrangements developed.
The inclusion of Shari’ah-compliant Sukuk gives Islamic finance an important place within the company’s mandate. By facilitating their issuance, listing and subsequent trading, National Exchange Limited can support the development of financing and investment opportunities aligned with Islamic financial principles.
The company’s objectives include advancing the capital market on behalf of the Government, strengthening market integrity and transparency, and establishing and operating modern securities exchanges and trading facilities. These responsibilities place both market access and confidence at the centre of its planned activities.
Beyond trading, National Exchange Limited will develop services needed to hold, complete and record securities transactions. Its mandate includes central securities depository services, which support the holding and recording of securities ownership, alongside clearing and settlement functions that enable the transfer of assets and payments between market participants.
These functions are important to the operation of a securities market. Trading facilities connect buyers and sellers, while depository, clearing and settlement services provide the infrastructure required to complete transactions and maintain accurate records. Bringing these responsibilities within the company’s mandate establishes a foundation for coordinated market development.
National Exchange Limited will also pursue collaboration with domestic and international financial institutions. Such partnerships could support the exchange of expertise and the development of systems and services suited to the Maldives, contributing to its objective of building a resilient and sustainable financial market.
The establishment of the company reflects the Government’s commitment to strengthening financial infrastructure and broadening the role of capital markets in national development. As its mandate is implemented, National Exchange Limited is positioned to support government financing, expand opportunities for Islamic financial instruments and develop a more transparent framework for securities issuance and trading.
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