The statesman and holder of the Most Honourable Order of Distinguished Rule of Izzudheen passed away while receiving treatment for COVID-19 at Dharumavantha Hospital in Malé on 23 May 2021. He was 80 years old.
Courtesy of The President's Office website.
From 13 November 1978 to 12 December 1988, Ismail Fathee was the Director at the Department of Finance, which on 12 December 1988 became the Ministry of Finance. On 5 January 1989, he was appointed State Minister at the Ministry of Finance.
Fathee is considered by many as a key architect who laid the foundation for the nation’s economic and financial management framework; while also establishing other infant financial institutions that would go on to shape the nation's economy and its maturing financial sector. With the assistance of the International Monetary Fund (IMF) he, in July 1981, led the establishment of the Maldives Monetary Authority (MMA) — prior to MMA’s formation, a majority of its functions, such as the issuing of currency and most other treasury functions, were carried out within the Department of Finance. Per the Maldives Monetary Act at the time, the President would act as the Governor of the central bank as well as the Minister of Finance. As the head of the Ministry of Finance, Fathee would, ex-officio, hold the post of Vice Governor of MMA.
Under his leadership, the Maldives saw the establishment of its first national commercial bank — the Bank of Maldives — formed in 1982 as a joint-venture between the Government of Maldives and a Bangladeshi Bank.
Fathee, until November 1993, is recognised to have largely overseen the economic and financial management of the nation. He would, in November 1993, go on to serve as the Auditor General, a position he held till January 2008.
In 2013, Ismail Fathee was awarded the Most Honourable Order of Distinguished Rule of Izzudheen.
Colleagues characterise Fathee's fiscal outlook as “overly cautious” describing his oversight and management style as “meticulous.” He is praised for paving the way for a number of significant developments in the sector “with very few, and unskilled, manpower.”
“Fathee laid the foundation of all major economic and financial institutions in the country. He paved the way for all major developments in the sector,” said a former colleague.
Former General Manager at the MMA, described Fathee as “one of the best minds of his time.”
Fathee is described as a very empathetic and caring manager.
My best boss. Guided me very well, and to be faithful in our work. He taught me a lot and gave his staff a lot of advice. He remained level-headed whatever the situation. Definitely one of the best personalities in the Maldives. A very simple man.
This publication extends its sincere condolences to Honourable Ismail Fathee’s family, friends & colleagues and mourns the loss of a giant in the economic and financial sector.
