JOB ANNOUNCEMENT

 Vacancy: Chief Executive Officer, Maldives International Financial Services Authority

Maldives International Financial Services Authority (MIFSA) was established by the President on the 21^st of January 2024. The purpose of MIFSA is to modernize the financial system regulatory framework to create an enabling environment for the establishment of a vibrant financial sector in the Maldives.

The mandate of the MIFSA are;

1. To formulate the legal framework for the provision of offshore/onshore financial services under the Special Economic Zone Act (law no: 21/2014).
2. To formulate and establish a framework for the establishment of offshore/onshore development bank and international financial services centers under the Special Economic Zone Act (law no: 21/2014)
3. To conduct research focused on finding modern solutions to overcome legal, institutional, and procedural impediments for the development and competitiveness in the financial sector.
4. To conduct research focused on identifying legal, institutional, and procedural impediments on modernization, development, competitiveness among financial services firms operating in the Maldives.

The position of CEO

The Maldives International Financial Services Authority (MIFSA) is seeking a performance-oriented Chief Executive Officer (CEO), capable of providing leadership across governance, strategy, and operations to ensure the purpose and objectives of MIFSA is achieved.

The successful candidate should be well versed in internationally recognized legal and institutional frameworks underpinning banking, insurance, capital markets and financial system infrastructure, operations of financial services business and key players in global financial system.

The CEO reports to the Governing Board of the Authority and will remain as the most senior executive of the Authority.

Summary of the Post

Job Title: Chief Executive Officer (CEO)

Contract Duration: 5 Years (with possibility of extension based on performance) 

Remuneration: Negotiable (depending on the education and experience)

Languages: English (required)

Workplace: Maldives International Financial Services Authority, 2^nd Floor, Allied Building, Male’, Maldives

 Job Description

Responsibilities

1-     Define the vision, values and culture of the authority which are essential for the achievement of the purpose and objectives of the authority.

2-     Define the governance structure, development of charters and other governing documentation.

3-     Design and development of the organizational structure, defining mandates and standards.

4-     Development of key contracts for engagement of subject matter experts and consultants.

5-     Development of the legal framework and judicial framework covering such aspects as legal remit of the authority, harmonization, laws and regulations, governance, supervision and enforcement mechanisms

6-     Identification and hiring the senior leadership team for the authority, ensuring effective coordination, communication among senior leadership team.

7-     Develop effective partnerships among national and international key stakeholders.

8-     Represent the authority in national and international arena, developing the public relations and communication strategy for attracting firms to conduct business which are under the purview of the authority

9-     Desing and development of key processes, management information system and resource plans.

10-   Identify a comprehensive training need and develop a training and development plan.

11-   Establishment of strong financial management and financial sustainability framework, identify and obtain finance and funding partners.

12-   Lead the day-to-day operations of the authority, resolving conflicts and liaison with external partners.

13-   Provide leadership to ensure that physical infrastructure, institutional development, investor relations are synchronized for the attainment of a shared vision.

14-   Ensure the effectiveness of the Governing Board of the authority through proper planning, efficient communication, and timely execution of decisions of the Governing Board.

Experience

Minimum 10 years of experience in similar capacity, spanning across the following areas;

1-     Financial sector governance frameworks, including Basel, IOSCO, IAIS and FATF

2-     Development finance institutions and commercial financial firms

3-     Regulatory institutions across different jurisdictions

4-     Experience in fintech and cybersecurity

5-     International Financial Reporting Standards

6-     Payment systems, central depositories, central counter parties, rating agencies and exchanges

Qualification

Desired Qualification: MBA from a reputable Business School

Minimum Qualification: Masters Degree with concentration in Finance/Economics/public policy plus Bachelor’s Degree/Professional Qualifications recognized by IFAC or other reputable industry bodies.

Skills

Leadership

Communication

Coaching

Sales

Project Management

 Remuneration and benefits

Pay: To be negotiated

Accommodation Allowance

Health Insurance

Travel Allowance

Other benefits to be negotiated.

 Documents to be submitted.

• CV
• Covering Letter
• Certificates
• Contact Details of 2 Referee(s)
• ID/Passport Copy

Submit your applications via email to:

• [email protected]

Deadline for submission: 5^th November 2024 before 14:00hrs (Maldives Time)