Banks are more than just financial institutions; they are partners in national development: BML CEO
Highlighting Bank of Maldives (BML) as a key partner in national development, CEO Mohamed Shareef announced that the bank has collaborated with the government to expand ATM services to all inhabited islands. He further revealed that a project to develop 3,260 housing units is underway through a subsidiary company, a strategic move aimed at diversifying the bank’s business while providing affordable housing to the public.
Bank of Maldives CEO and Managing Director Mohamed Shareef. | BML | BML
Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has stated that the national bank is more than just a financial institution, describing it as a key partner in national development.
BML CEO Shareef stated that, as the national bank, BML is a key development partner and that its relationship with the government is rooted in a shared vision.
He stated that this vision aims to build a resilient, inclusive, and prosperous Maldives for all citizens. The BML CEO also highlighted several key initiatives undertaken in collaboration with the government, citing the nationwide BML ATM project as a prime example. Within just nine months, BML established ATM services across 105 islands, ensuring access in every inhabited island. The CEO noted that this was achieved at a cost 33 percent lower than previous installations. Furthermore, he acknowledged that the government provided significant financial support for a large portion of this project's investment.
Shareef noted that this has resulted in an increase in ATM deposits, effectively channeling more funds into the financial system.
During the program, Shareef also discussed the affordable housing project being developed by BML. BML Affordable Home Leasing Private Limited, a subsidiary of the bank, is currently working with local and international companies to construct 3,260 housing units. The BML CEO noted that this initiative will benefit Maldivian families by ensuring access to affordable housing and turning the long-held dream of homeownership into a reality.
Shareef stated that such partnerships represent more than just policy implementation; they are sound strategic business decisions. He further noted that expanding into new sectors, such as affordable housing, creates fresh revenue streams and diversifies the bank’s business portfolio. The bank has announced that construction of these units is expected to be completed by mid-2028.
Highlighting the bank's pivotal role in the national economy, the CEO noted that Bank of Maldives' total assets represent 38 percent of the country's GDP. Consequently, the CEO emphasized that as the national bank, working closely with the government remains a key strategic priority.
