Allied Insurance and CA Maldives sign partnership to support accounting profession

Allied Insurance and the Institute of Chartered Accountants of the Maldives (CA Maldives) signed a memorandum of understanding on Wednesday. The agreement is intended to advance the accounting profession and enhance the benefits available to CA Maldives members.

CA Maldives is the statutory body that regulates the accounting profession in the country. It was established under the Maldives Chartered Accountants Act 2020 and is responsible for registering members, licensing auditors, and setting standards for the profession. Membership is mandatory for licensed auditors and voluntary for other accountants.

According to Allied, the partnership will focus on professional development, knowledge-sharing, and research. Allied said it would also support initiatives tied to ethical accounting practices, financial transparency, and the growth of the accounting and financial sectors.

As part of the agreement, Allied Insurance said it would encourage eligible employees to become members of CA Maldives. The two organizations also plan to work together on capacity-building, the exchange of expertise, and research on the Maldivian market.

The MoU sets out several benefits for CA Maldives members. Members will receive preferential contribution rates and simplified documentation for Professional Indemnity Takaful coverage, which is required for licensing. Members and permanent staff will also be offered Group Health Takaful and Group Term Life Takaful coverage on preferential terms, subject to policy requirements.

Takaful is a form of insurance based on Islamic principles. Allied offers Takaful products through its Islamic insurance operations.

Allied said the partnership reflects a shared commitment by both organizations to professional excellence, stronger industry standards, and a more resilient and transparent financial sector in the Maldives. That characterization came from the Allies and describes the intended aims of the agreement rather than confirmed outcomes.