Insurance
Insurance and reinsurance form a vital part of the financial services ecosystem within MIFC, supported by a regulatory environment designed for sophistication and scalability. Insurance providers can offer a wide range of coverage solutions to individuals, corporates, and institutions, addressing evolving needs across local and international markets. Reinsurance firms benefit from an ecosystem that facilitates efficient risk transfer, enabling cross-border arrangements and partnerships with insurers across both emerging and established jurisdictions. Situated within the digitally integrated MIFC, the platform ensures legal certainty, operational flexibility, and access to a growing network of sector participants.
Designed for businesses seeking tailored risk management solutions, captive insurance allows firms to create their own insurance subsidiaries to cover specific needs and risks. This model enhances control over premiums, claims management, and coverage while improving cost-efficiency. The MIFC provides a conducive environment for setting up single-parent and group captives, with robust regulatory frameworks that ensure compliance, operational flexibility, and access to international insurance markets. This enables firms to optimize their risk strategies while capitalizing on the benefits of self-insurance.
A unique and ethical alternative to conventional insurance, takaful operates on principles of shared responsibility and mutual assistance, aligning with Islamic finance principles. The MIFC offers a supportive environment for the establishment and growth of takaful businesses, providing access to a diverse market while ensuring compliance with Shariah law. Firms can offer a wide range of takaful products, from health and life to general insurance, all underpinned by transparency and ethical governance. This framework fosters collaboration and community-driven risk management solutions.
Application Process
Setting up a financial services business in the hub is designed to be efficient, transparent, and supportive of innovation. From initial inquiry to operational launch, the process ensures that businesses are aligned with the hub’s commitment to sound governance, market integrity, and long-term growth. As part of this journey, all entities offering regulated financial services will be required to obtain approval from the Maldives International Financial Services Authority (MIFSA), the hub’s dedicated financial regulator. Entities that are either required or that want to have a physical presence, will find a wide range of offices in the Malay MIFC Area to choose from. The MIFC team will advise regarding office requirements on a case by case basis.
01
Make an Enquiry
Reach out to us or submit an expression of interest outlining your proposed business activities.
02
Schedule a Pre-Application Discussion
Connect with the MIFSA team to receive initial guidance and align on regulatory expectations.
03
Submit Your Application
Complete the application form and upload the required documents through our secure portal.
04
Regulatory Review
MIFSA evaluates your submission, including governance, ownership, internal systems, and compliance readiness.
05
Receive In-Principal Approval
If all requirements are met, you'll be granted conditional approval to proceed with set-up.
06
Complete Your Set-Up
Finalize office registration, onboard your team, and establish operational infrastructure.
07
Get Licensed & Go Live
Once all conditions are satisfied, receive your operational license and commence business activities.