Finance Ministry reveals plans to establish offshore banking

Economic authorities are planning to establish an Offshore Financial Centre (OFC) in the Maldives, Finance Minister Abdulla Jihad has revealed in local media.

The plans to establish an OFC in the Maldives were announced while the state budget was presented at the parliament.

According to Jihad, the purpose of introducing OFC facilities in the Maldives would allow for the generation of revenue outside of the tourism industry.

“Offshore financing can be successfully done in small island nations like the Maldives. Large banks around the globe have their interest in Maldives,” Jihad told Haveeru.

Jihad added that he had travelled to Mauritius to speak with officials from banks involved in offshore financing.