Establishment of the Maldives Chartered Accountants Act has been monumental, says President Ibrahim Mohamed Solih.

The president expressed the sentiment during a meeting held with the council members of the Institute of Chartered Accountants of the Maldives (ICAM), on Monday morning.

At the meeting, President Solih stated that “the enaction of the Maldives Chartered Accountants Act has been monumental in the development of the profession in the Maldives”.

Highlighting the importance of capacity building, he noted that the administration’s plans to facilitate more opportunities for locals to excel in the Accounting field through higher education schemes and training opportunities.

The president also urged employers to give precedence to recruiting locals trained in the profession.

The ICAM council members shared the numerous challenges and pertinent issues faced in the reform and transformation of the sector.

They also noted that the enactment of the Maldives Chartered Accountants Act "is beneficial for the progress of the field” in the nation.

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

ICAM is “a legal body mandated with the regulation of the accounting profession in the Maldives”.