ICAI and CA Maldives Strengthen Bilateral Ties through MoU Signing

The formal signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants of the Maldives (CA Maldives) during the SAFA IFRS and ISAs Forum 2023, which was hosted by CA Maldives, is a significant step towards fostering cooperation.

The MoU was signed, demonstrating the commitment of both schools to advancing the expertise and professional growth of the accounting profession. The South Asian Federation of Accountants (SAFA), of which both ICAI and CA Maldives are recognised full members, also has its permanent secretariat housed in ICAI.

The cooperative MoU aims to create a framework for reciprocal cooperation while advancing accounting knowledge, professional and intellectual development, and the promotion of each party’s individual members. The Accounting Profession in both India and the Maldives stands to benefit from this exciting relationship. The MoU represents an important development in the development of bilateral ties.

President of ICAI, CA. Aniket Sunil Talati, expressed his enthusiasm, stating, “Our aim in signing the MoU with CA Maldives is to provide ICAI’s technical support and resources, including technical standards, SOP’s, study materials, and expert faculties for conducting collaborative programs. This will undoubtedly contribute to the development of the accountancy profession in Maldives.”

He further stated that “ICAI is committed to supporting CA Maldives in its pursuit of membership with the International Federation of Accountants (IFAC).”

This landmark MoU is expected to strengthen the bilateral ties between the two nations.

Speaking at the ceremony, CA. Maldives President Mr. Hussain Niyazy, who also serves as the Maldives’ Auditor General, said, “Through this MoU, ICAI is intent on providing CA Maldives with our technical assistance and resources, including technical standards, study materials, and professional faculty. By facilitating courses and developing the skills of its members, this funding will help CA Maldives play a crucial part in the professional development of the accountancy community in the Maldives.”

“We are confident that under the leadership of our President, the commitment of our teams, and the support of both governments, this collaboration will flourish and bring about positive change in the accounting landscape of our nations,” said Mr. Hassan Mohamed, vice president of CA Maldives.

The addition of CA Maldives as a full member of SAFA has provided a favourable environment for our engagement, CA. Ranjeet Kumar Agarwal, Vice President, ICAI, emphasised the expanding connection. The dedication of both universities to development is highlighted by this MoU. It represents an important turning point in our shared path.

The occasion was attended by His Excellency Shri Munu Mahawar, the Hon’ble High Commissioner of India to the Republic of the Maldives, who expressed his happiness and said, “The enhanced bilateral relations between India and the Maldives are undoubtedly gratifying. This link is strengthened further by the cooperation of the two accounting institutes, which is advantageous to the accounting profession overall.”