Fareeha Shareef has decided to step down as Chairperson of the Bank of Maldives (BML), after two years in the top post.

As the bank announced the nominations for its Board of Directors on Tuesday, it noted that Fareehaa, Murthala Mohamed Didi and Mohamed Umar are stepping down from the Board. BML said that the nominees for the Board of Directors will be shared at the Annual General Meeting, on August 23.

"Seven nominees have been proposed by the government and five applicants will contest the three publicly elected positions," said BML.

Fareeha, the first female chairperson in the bank's history, said that BML's "professionalism, standards and performance are at a level that compares favorably with best international benchmarks," adding that it is "rewarding" to have played a role in its progress.

"I look forward to presenting to shareholders a record dividend on the back of last year's best ever financial performance and I am confident the Bank's positive momentum will continue," she added.

CEO and Managing Director Andrew Healy said that Fareeha, Umar and Murthala "have added a lot of value to [the] Board and Bank over recent years".

BML's Board of Directors consist of a total of 11 members.