BML is a Partner in National Development, Says CEO Shareef

CEO and Managing Director of Bank of Maldives (BML), Mohamed Shareef, has said that the national bank plays a role that goes beyond traditional banking, describing it as a key partner in the country’s development.

Speaking on PSM’s Raajje Miadhu programme, Shareef said BML’s relationship with the government is built on a shared vision to develop a strong, inclusive and prosperous Maldives. As the national bank, he noted, BML works closely with the government to support initiatives that contribute to economic growth and social progress.

Highlighting recent achievements, Shareef pointed to the bank’s nationwide ATM expansion project as a major example of this collaboration. BML established ATM services in 105 islands within nine months, delivering the project at a cost 33 percent lower than previous rates. He added that government support played a significant role in enabling investment.

According to Shareef, the expansion has led to increased ATM deposits and improved the flow of money into the formal financial system, strengthening financial inclusion across the country.

The CEO also spoke about BML’s involvement in the housing sector through its subsidiary, BML Affordable Home Leasing Pvt Ltd. The company is currently working with local and international partners to develop 3,260 housing units under the affordable hosuing project. Shareef said the initiative is aimed at providing affordable housing for Maldivian families and helping many achieve home ownership.

“For us, these relationships are not just about policy implementation, it’s about making the right decisions from a business perspective,” Shareef said. He noted that such projects open new avenues for the bank, including affordable housing, while creating new income streams and diversifying its operations. The housing project is expected to be completed by mid-2028.

Emphasising BML’s role in the broader economy, Shareef said the bank’s total assets account for 38 percent of the country’s GDP. Given this scale, he stressed the importance of maintaining strong collaboration with the government to support national development goals.