The Capital Market Development Authority (CMDA) of the Maldive Islands has passed what it calls a "Regulation on Investment Advisers" and has extended the period of applications for those who want to qualify as "Masters in Islamic Finance Practice".

The Capital Market Development Authority (CMDA) of the Maldive Islands has passed what it calls a "Regulation on Investment Advisers" and has extended the period of applications for those who want to qualify as "Masters in Islamic Finance Practice". It has done so under the provisions of the Maldives Securities Act 2006.

A corporate investment adviser (i.e. an investment adviser that holds a license as a body corporate) must have paid-up capital of not less than 250,000 (two hundred and fifty thousand) Rufiyaa, and a net capital of not less than 100,000 (hundred thousands) Rufiyaa. Recently convicted thieves, embezzlers, robbers or fraudsters need not apply, although it is a different story for those who were convicted more than 10 years before the date of application.

Fees for MIFP applications are as follows. Application processing fee for investment advisers – MVR 500; for investment advisers’ representatives – MVR 100. Annual fee for investment advisers – MVR 10,000; for investment advisers’ representatives – MVR 5,000. [1 Maldivian rufiyaah or MVR = 6½c in US currency.]