The Sultan of the Maldives Ibrahim Iskandar I, was alarmed by the trading activities of the English East India Company and the Dutch East India Company in the Indian Ocean and by their growing interest in cowries and caires (coconut fibre). In the year 1660, Iskandar requested the assistance of the Mughal Faujdar of Balasore,^[1] and even wrote a letter persuading the Mughal Emperor Aurangzeb to prohibit the English East India Company and the Dutch East India Company to sail on profitable routes by the Indian coasts. The Maldives however was not directly subjected to the rule of the Mughal Empire.^{[citation needed]}

Loa laari or laari fothi ("circular coin") was first struck by Sultan Ibrahim Iskandar I during his regency from 1648-1687 CE. One of the known coins is the 1 laari coin made during 1660-1666 (Islamic calendar: 1070-1074 ) the coin weighs about 4.80 grams and is made from silver. On the obverse side of the coin the Sultan name, mint and date is written. Lettering:١٠٧٠ المحلى سنه اسكندرضرب في Translation: Iskandar Struck in Male 1070.^{[citation needed]} On the reverse side of the coin the Sultan title is written. Lettering: السلطان البر والبحر Translation: Sultan of the Land and Sea. Another known coin made during his regency, a 1 laari coin made in 1685-1686 ( Islamic calendar: 1096-1097 ) weighs 4.80 grams and is made from silver. On the obverse side, the Sultan name and mint is written. The same inscription in Arabic as that of the first coin. And on the reverse side of the coin, the Sultan name, title and date is written.^{[citation needed]}