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AG Calls for Strengthening Governance and to Create an Enabling Environment for the Pension Fund to Fulfill its Legal and Fiduciary Responsibilities

Attorney General (AG), Hassan Ziyath was privileged to be the Chief Guest of Maldives Finance Forum organized by Maldives Pension Administration Office (MPAO) which was held in Kurumba Maldives on the 11th of May.

AG Hassan Ziyath giving his speech in the Finance Forum

AG Hassan Ziyath giving his speech in the Finance Forum

MPAO has been continuously conducting this forum for the past five years, making it the most awaited and vital event of its kind in the country. According to MPAO, the main aim of conducting such an event was for the noble cause of bringing all the main stakeholders in the financial sector to a single platform in order to discuss and deliberate on issues relevant to the capital market development.

AG Hassan Ziyath have mentioned that it was a personal pride for him to take part in this forum. Moreover, he highlighted that MPAO is making money work for people of this country, capitalizing towards achieving financial freedom in their retirement.

He also honored on the fact that Ministry of Economic Development and Capital Market Development Authority (CMDA) have put in place the much needed, and awaited regulatory setup for the establishment of fund structures in Maldives, through amendments to Maldives Partnership Act and issuance of new regulations governing the setup and operations of investment funds in the Maldives.

According to the AG, the Maldivian Economy is rising at a high pace as a result of the entrepreneurial spirit of the youth population and the growth in institutional base in Maldives. Additionally, the growth of insurance sector assets, increase in central bank reserve and the Hajj fund and also due to the fact that the government has made plans for the first SWF to be established in the Maldives.

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Looking into these facts, he calls for the private sector and the public sector to make more financial choices in order to achieve further development in the capital market. Moreover, these developments call for professional investment management in the Maldives to increase yield and provide risk management for this growing institutional client base.

Maldives Finance Forum 2017

Maldives Finance Forum 2017

He also mentioned that pension fund has accumulated fund in excess of Mrf 9.2 Billion, which is equivalent to 16 % of the country’s GDP. He calls upon all the stakeholders to work side by side to create an enabling environment for MPAO to fulfill its legal and fiduciary responsibilities.

 

Source URL: Corporate Maldives

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