President Abdulla Yameen Abdul Gayoom has ratified the first amendment to the Monetary Securities Act (Act No. 2/2006). The amendment bill was passed by the parliament on Tuesday, 2nd August 2016, at the twelfth sitting of the second session of the People’s Majlis.
On ratification, the Act has now been published on the Government Gazette.
The amendment to the Monetary Securities Act provides a wider scope for development under the Act; introduces different types of conventional and Islamic financing products to the Maldivian market; and facilitates in acquiring funds via contemporary resources, for a higher number of businesses. This includes introduction of modern services in a special economic zone.