Shafiu Jameel

Sunday, July 05, 2026

PayPal in the Maldives

How It Works and What It Means for the Island Nation For years, one of the most common frustrations voiced by Maldivian freelancers, small business owners, and online entrepreneurs was the same: "Why can't I use PayPal?" While the platform quietly powered cross-border commerce for people in over 200 countries, the Maldives remained a conspicuous gap on the map. That changed in the summer of 2026, when PayPal officially launched in the country — a moment years in the making and one that's already reshaping how Maldivians connect with the global digital economy. Here's a full breakdown of how PayPal reached the Maldives, how it actually functions there, and what it means for everyday users and businesses. How PayPal Actually Works in the Maldives Unlike a standalone rollout, PayPal's Maldivian debut is built on a local banking and telecom partnership rather than a direct, independent PayPal presence. The Ooredoo–M-Faisaa integration. The service works through a seamless integration between PayPal and Ooredoo Fintech's m-Faisaa mobile wallet. In practical terms, this means Maldivian users don't sign up for PayPal as a fully separate banking product — instead, they link their PayPal wallet to their M-Faisaa wallet, which enables cross-border transactions and participation in global e-commerce. Regulatory backing. This structure was made possible in part because the Maldives Monetary Authority granted Ooredoo an inward remittance license in October 2025, giving the telecom's fintech arm the regulatory standing needed to handle incoming international funds on PayPal's behalf. What Users Should Keep in Mind Even with PayPal now live, a few practical realities are worth noting for Maldivian users: • It's wallet-linked, not standalone. Access runs through the Ooredoo M-Faisaa integration, so users will generally need an M-Faisaa wallet as the on-ramp to PayPal functionality, rather than opening a fully independent PayPal account tied directly to a local bank. • Currency conversion and fees still apply. As with any PayPal market, converting Maldivian Rufiyaa to other currencies, cross-border transaction fees, and standard PayPal charges remain part of the experience. • It's a phased rollout. Given the integration-based model, functionality may expand over time — early access may emphasize receiving international payments (a priority for freelancers and small businesses) before broader features roll out. The Bottom Line PayPal's arrival in the Maldives closes a years-long gap between Maldivian entrepreneurs and the global online marketplace. Built on a partnership between PayPal and Ooredoo Fintech's M-Faisaa wallet, and backed by an inward remittance license from the Maldives Monetary Authority, the service is designed to make it dramatically easier for freelancers, digital creators, small businesses, and the tourism sector to send and receive money internationally. For a nation whose economy is increasingly tied to global digital commerce, the June 2026 launch marks not just a convenience upgrade, but a meaningful step toward fuller participation in the world's online economy.

Monday, May 18, 2026

Bodies of Four Missing Italian Divers Found in Submerged Cave off Vaavu Atoll

Maldivian authorities confirmed on Monday afternoon that the bodies of four Italian divers have been located inside a submerged cave system within the protected marine zone of Vaavu Atoll, bringing a heartbreaking conclusion to a seven-day search-and-rescue operation that drew international assistance and riveted both the diving community and the broader public. The four men, all experienced technical divers from Rome and the surrounding Lazio region, were part of a private liveaboard expedition aboard the vessel Azzurra del Mare when they failed to resurface on the morning of 11 May. The discovery was made at 11:06 local time by a specialised Maldives Coast Guard dive team, designated Alpha-3, operating alongside technical rescue divers from the Divers Alert Network Italy who had flown in at the request of the Italian Embassy in Colombo. The bodies were found clustered in an inner chamber of a partially collapsed lava-tube cave system approximately 28 metres below the reef wall on the eastern edge of Felidhoo Atoll — a site prized by technical divers for its dramatic topography but notorious among local guides for unpredictable tidal surges that can alter flow through its narrow passages within minutes. "The sea gave nothing back for seven days. Today, at least, we can bring them home." Commodore Hussain Shareef of the Maldives Coast Guard addressed reporters at the Felidhoo island jetty shortly before midday, flanked by officials from the Ministry of Tourism and a representative of the Italian Embassy. "At 11:06 this morning, our divers entered the cave system for the fourteenth time since the search began," he said. "They located all four individuals in a secondary chamber, approximately forty metres inward from the main gallery entrance. Their remains are being brought to the surface with the utmost care and dignity." He paused before adding, "The sea gave nothing back for seven days. Today, at least, we can bring them home." The four men have been identified as Fabrizio Colonna, 47, a civil engineer from Rome and a certified technical cave diver with more than 400 logged dives; Nicola Esposito, 39, a dive instructor and marine biologist from Latina; Carlo Petrucci, 52, a retired naval officer from Anzio who had dived extensively in the Red Sea and Pacific; and Gianluca Marini, 33, the youngest of the group, a freelance underwater photographer whose images had appeared in several Italian and international diving magazines. All four held IANTD technical cave diving certifications. Friends and colleagues described them as meticulous planners who took safety seriously. The remaining four members of the group, who had turned back earlier in the dive citing poor visibility near the cave entrance, are understood to be in a state of shock and are receiving consular and psychological support on board a Maldives Coast Guard vessel anchored off Felidhoo. They have provided initial statements to investigators but have not been publicly identified at the request of the Italian government. Investigators believe the men became trapped when a powerful tidal surge — amplified by the atoll's channelled geography — pushed a large volume of water into the lava-tube system, partially blocking the exit passage with suspended sediment and debris, and cutting visibility to near zero. Dive computers recovered from two of the men suggest they were alive for a period after the surge, raising the agonising possibility that the team had attempted to navigate their way out before their air supply was exhausted. The Maldives Police Service confirmed that the divers' equipment appeared to have been functioning normally, and that no mechanical failure had been identified at this stage. The cave system, locally known as Faru Kandu Haa — loosely translated as "the reef channel's throat" — sits within a marine protected area and requires a special-use permit for technical cave penetration. Vaavu Atoll's dive sites are among the most celebrated in the Maldives, drawing enthusiasts from across Europe and Asia for their extraordinary coral diversity, frequent pelagic sightings, and the dramatic underwater architecture of its reef walls and channels. Local dive operators said the atoll's cave system had been dived without incident for years, though they acknowledged that the past fortnight had seen unusually strong tidal activity linked to a low-pressure system moving across the northern Indian Ocean. Italy's Minister of Foreign Affairs issued a statement from Rome calling the loss "a devastating blow to four families and to the Italian community of divers who knew and admired these men." The minister confirmed that an Italian naval frigate, the ITS Carabiniere, currently on patrol in the Indian Ocean, has been diverted to Vaavu Atoll to assist in the formal repatriation of the remains and to provide consular support to the surviving members of the expedition. The Maldives Ministry of Tourism announced an immediate suspension of all technical cave diving permits across Vaavu Atoll pending a full safety review, a decision welcomed by dive industry representatives even as some noted its economic impact on the atoll's liveaboard sector. A formal joint inquest, to be conducted by Maldivian authorities in cooperation with an Italian forensic team expected to arrive by Wednesday, will examine the circumstances of the deaths in detail. Authorities have urged the public and media to respect the privacy of the victims' families during what one official described as "an unimaginable time of grief."

Thursday, October 21, 2010

Preparing Annual Accounts and Audit Report

Preparing Annual Accounts and Audit Report
• Company Final Accounts
• Director's Report
• Audit Report
Internal Auditing Assignments
Stock taking
preparing professional business plans
Project proposals for submission to banks and potential investors
Financial accounts for submission to the Ministry of Economic Development
Email: Shafiu.jameel@gmail.com Mobile: 7756383

Wednesday, October 06, 2010

Annual Accounts and Reports of Companies

All companies registered under the Maldives Company Act (10/96) are required under Article 69 of the Act to submit the Annual Accounts, Directors’ Report and the Audit Report to the Registrar of Companies. Thus, all companies registered up to 31 July 2009 are required to submit these reports before 31st October 2010, as announced on 29 July 2010 under Announcement number A-48/2010 of this Ministry. However, in spite of the approaching deadline, a number of companies have not submitted these reports.