Architect of Labuan IBFC, Datuk Iskandar Mohd Nuli, Named CEO of Maldives International Financial Services Authority

The Maldives International Financial Services Authority (MIFSA) has appointed Datuk Iskandar Mohd Nuli—one of Asia’s most respected financial regulators and architects of international financial centres—as its new Chief Executive Officer, marking a pivotal milestone in the Maldives’ ambitions to establish a globally competitive financial hub.

With more than 30 years of senior experience in financial regulation, offshore centre development, legislative reform, and international market promotion, Datuk Iskandar’s arrival is widely seen as a transformative step in building the Maldives International Financial Centre (MIFC). His internationally recognised track record aligns closely with the Maldives’ vision to diversify its economy and position Malé as the premier financial gateway of the Indian Ocean.

A Pioneer Who Built Labuan IBFC From the Ground Up

Datuk Iskandar is best known as a founding force behind the rise of the Labuan International Business and Financial Centre (Labuan IBFC)—one of Asia’s longest-established and most reputable midshore financial jurisdictions.

After beginning his career at Bank Negara Malaysia in 1990, he joined the newly established Labuan Financial Services Authority (Labuan FSA) in 1996 as a pioneer staff member. His early involvement meant he was part of the small core team responsible for shaping the mandate, structure, and long-term development of the authority.

Over the next three decades, he served as Director, Senior Director, and ultimately Deputy Director-General of Labuan FSA, where he oversaw the centre’s most critical regulatory and administrative divisions, including legal affairs, supervision, policy, business authorisation, communications, and human resources. His tenure is widely credited with strengthening Labuan IBFC’s credibility, modernising its regulatory ecosystem, and enhancing its global competitiveness.

Global Leadership in Financial Legislation and Regulatory Reform

One of Datuk Iskandar’s defining legacies is his work in drafting the Labuan Financial Services Authority Act 1996, which established Labuan FSA as a centralised statutory agency—setting the foundation for Labuan’s long-term growth as an international financial centre.

Between 2008 and 2010, he led a sweeping legal overhaul of the Labuan IBFC framework. This major modernisation exercise aligned Labuan with international standards, enhanced transparency, and positioned it to compete with leading global jurisdictions. Notably, he authored the world’s first codified Islamic legislation for the offshore sector, elevating Labuan to a leadership position in Islamic finance.

His influence also extended beyond Labuan to Malaysia’s national financial crime governance. He served 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), contributing to Malaysia’s stronger AML/CFT architecture.

Promoting Labuan on the Global Stage

From 2020 to 2025, Datuk Iskandar served as Executive Chairman of Labuan IBFC Inc. Sdn. Bhd., the marketing and promotional arm of the jurisdiction. Under his leadership, Labuan achieved significant global recognition, particularly in captive insurance, wealth management, Islamic finance, and niche cross-border financial services.

He expanded Labuan’s outreach to major markets including China, Singapore, Indonesia, Japan, Dubai, Qatar, Bangladesh, and the Philippines—reinforcing its reputation as a trusted alternative jurisdiction in Asia-Pacific. His extensive engagement with international regulators, investors, and policymakers strengthened Labuan’s presence across global financial corridors.

He was reappointed in 2024 to continue this momentum, demonstrating his enduring value and strategic influence across the jurisdiction.

Steering the Maldives Toward a New Economic Horizon

An official from the MIFSA Board welcomed the appointment, stating:
“We are delighted to welcome Datuk Iskandar to lead MIFSA. His expertise in building an international financial centre from inception, combined with his deep regulatory experience, will be instrumental in realising the Government of Maldives’ vision for the Maldives International Financial Centre.”

For Datuk Iskandar, the new role represents an opportunity to shape one of the world’s most ambitious emerging financial hubs.
“I am honoured to take on this role and excited by the vision for the Maldives International Financial Centre,” he said. “The Government of Maldives’ commitment to developing a next-generation, sustainable financial hub provides a unique opportunity to attract global investment and position the Maldives as a competitive player in international finance.”

A Strategic Appointment for a Transformative National Project

Launched earlier this year as a US$8.8 billion joint venture between the Government of Maldives and MBS Global Investments, the Maldives International Financial Centre aims to diversify the nation’s economy beyond tourism and build a future-focused Financial Freezone.

Designed with renewable energy systems, robust international-standard regulations, and a modern live-work-play ecosystem, MIFC is envisioned as a magnet for global banks, fintech innovators, investment managers, and digital economy players.

The appointment of Datuk Iskandar—whose career spans regulatory enforcement, legislative drafting, offshore centre development, and global market expansion—is seen as one of the most significant steps in advancing this national vision.

With his proven ability to build, modernise, and promote a financial centre from its earliest stages, stakeholders believe the Maldives is now uniquely positioned to establish itself as the Indian Ocean’s next major international financial hub under his leadership.