President Ibrahim Mohamed Solih has announced the formation of the ‘Institute of Chartered Accountants of the Maldives’ (ICAM).

The Institute was established on September 8, under the Maldives Chartered Accountants Act which was signed into law the same day.

As per the directive issued by the President’s Office on Sunday, ICAM is “a legal body mandated with the regulation of the accounting profession in the Maldives”.

While ICAM has the authority to press charges in addition to conducting communications in its own name, the directive also states that under the numbering system for state agencies, all official letters addressed to ICAM should use the number 484.

The main objectives of this Institute include regulating and developing the field of charted accountancy in the country, as well as facilitating the training and education of its members. Additional objectives include ensuring training and education for charted accountants in both the private and public sectors of the country.

The Institute's jurisdiction also covers the registration of accountants and other such services required of an accountancy institute. This will encompass protecting the interests of the institute's members while providing members with job opportunities abroad.