The Maldives Monetary Authority (MMA) has recognised several individuals and institutions for their contributions to the development of the country's financial sector during the inaugural Maldives Financial Sector Awards, held as part of its 45th anniversary celebrations.

Among those honoured were the State Bank of India (SBI) for introducing banking services to the Maldives and helping establish the country's modern financial system, and former President Maumoon Abdul Gayoom, who was recognised for his role in establishing the Maldives Monetary Authority in 1981 and laying the foundation for the country's modern central banking system.

A posthumous award was presented to Ismail Fathy for his contribution to establishing the Bank of Maldives and introducing commercial banking to the country. Ilyas Ibrahim and Ibrahim Shafeeg were also recognised for founding Allied Insurance, the Maldives' first insurance company, while former MMA Governor Dr Azeema Adam received an award for leading the development of the Ran Dhihafaheh polymer banknote series, which modernised the country's currency through improved durability, enhanced security features and internationally recognised banknote technology.

The ceremony also recognised the leadership of former Governors and Vice Governors who have served the central bank since its establishment, acknowledging their contribution to the evolution of the Maldives' financial system over the past four decades.

Former Governors recognised were former President Maumoon Abdul Gayoom, Mohamed Jaleel, Qasim Ibrahim, Abdulla Jihad, Dr Fazeel Najeeb, Dr Azeema Adam, Ahmed Naseer and Ali Hashim, while former Vice Governors the late Ismail Fathy and Arif Hilmy were also honoured.

MMA said the awards were introduced to recognise excellence and innovation across the financial sector while acknowledging the individuals and institutions whose leadership has helped shape the country's financial architecture. 

Over the past 45 years, the central bank has overseen major developments including the expansion of commercial banking, the establishment of the insurance industry, the modernisation of the national payment system, stronger financial regulation, the introduction of new currency series and the continued development of monetary policy and financial sector oversight.