Hussain Sham Adam appointed as Chairperson of Fenaka Corporation

The Privatization and Corporatization Board (PCB) has announced the appointment of Hussain Sham Adam, Minister of State for Finance and Planning, as the new Chairperson of Fenaka Corporation Ltd. He replaces Shimad Ibrahim, Managing Director of the State Trading Organization (STO), who had been temporarily assigned to the position in September 2024.

Mr. Sham Adam is no stranger to Fenaka, having previously served on its board between 2016 and 2018. His reappointment as Chairperson comes at a time when the company faces urgent structural and financial challenges, making his experience in public finance and SOE governance particularly relevant.

Appointed as Minister of State for Finance in November 2023 and later changed to Minister of State for Finance and Planning in August 2024, Mr. Sham Adam currently heads several key departments at the Ministry. These include the State Shareholding Management Department, Central Procurement Department, and Procurement Policy Department. He also provides strategic oversight to the Resource Mobilization, Legal Affairs, and Debt Management departments in 2023 and 2024. In this capacity, Mr. Sham Adam plays a pivotal role in securing funding for national development projects, managing relationships with multilateral development banks and financial institutions, and overseeing government shareholding in all State-Owned Enterprises (SOEs).

Additionally, Mr. Sham Adam serves as the Alternate Governor of the Republic of Maldives to the World Bank Group (WBG) and was sits on the Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD), a member institution of the Islamic Development Bank (IsDB) Group in 2024. He is also the current Chairman of the Maldives Centre for Islamic Finance Corporation Ltd.

With a career spanning over 16 years in both the public and private sectors, Mr. Sham Adam brings extensive expertise in financial planning, reporting, and strategic consulting. He played a crucial role in the early development and expansion of Maldives Islamic Bank (MIB), where he served as its first Financing Officer and Head of Credit Administration. His private sector experience also includes leadership roles in companies operating across tourism, construction, and retail sectors.

Mr. Sham Adam is a member of the Chartered Institute of Management Accountants (CIMA), and previously served as the inaugural Chairman of the Investment Committee of the Sovereign Development Fund (SDF), where he worked on SOE financial reforms and sovereign financing mechanisms.

His appointment as Chairperson of Fenaka Corporation signals a renewed government effort to restore the utility company’s financial health and strengthen oversight as part of broader SOE reforms.