Former Finance Minister Dr Mohamed Shafeeq has been appointed to the Board of Directors of the Housing Development Finance Corporation (HDFC).

The Privatization and Corporatisation Board (PCB) announced the appointment, effective from December 2, 2024.

Given that HDFC was established to promote affordable housing and homeownership, specialises in housing finance, including home loans and savings schemes, Dr Shafeeq’s appointment is expected to strengthen the corporation’s strategic leadership, given his extensive expertise in finance and governance.

Dr Shafeeq served as the first Finance Minister in President Dr Mohamed Muizzu’s Administration, holding office from November 17, 2023 to September 30, 2024. Prior to this, he was the Chief Financial Officer (CFO) at HDFC from 2021 to 2023.

HDFC was incorporated in 2004 under a Presidential Decree in line with the Companies Act and began operations on March 29, 2004 as a fully government-owned entity. In 2008, it transitioned to a privatised structure.