Bank of Maldives (BML) continues to play a central role in financing businesses, supporting national infrastructure and expanding access to financial services throughout the Maldives, Managing Director and Chief Executive Officer Mohamed Shareef has said.
Speaking at the opening ceremony of the Youth Entrepreneurs Expo 2026, held on Wednesday at Barceló Nasandhura in Malé, Shareef highlighted the national bank’s close connection to the performance, resilience and long-term stability of the Maldivian economy. The expo brought together young entrepreneurs and business stakeholders at the prominent hospitality venue, providing a platform to promote enterprise development, financial inclusion and new economic opportunities for Maldivian youth.
Shareef said BML’s nationwide presence reflects its responsibility to serve communities across the geographically dispersed island nation. The bank provides services on every inhabited island, with its network extending from HA. Thuraakunu in the northernmost region to S. Gan in the south.
Describing BML as an institution established by Maldivians for Maldivians, Shareef said the bank has a responsibility to provide modern, reliable and inclusive financial services to customers regardless of where they live. He noted that access to essential banking services should not be determined by geography, particularly in a country where island communities are separated by significant distances.
Shareef also cautioned that misinformation intended to create a negative public perception of BML could have consequences extending beyond the institution because of the bank’s close links with households, businesses and the wider national economy.
“Bank of Maldives is deeply connected to the Maldivian economy,” Shareef said. “Statements intended to create a negative perception of the bank could cause extensive damage to both the bank and the economy.”
Highlighting the bank’s financial strength, Shareef said BML’s capital has increased to more than MVR 16 billion. Its total assets exceeded MVR 55 billion for the first time in 2025 and have since risen above MVR 60 billion, reflecting continued growth in the bank’s financial capacity and operations.
The bank’s total loan portfolio has surpassed MVR 30 billion, while customer deposits have exceeded MVR 41 billion. Shareef said BML’s capital adequacy ratio, which measures a bank’s ability to withstand financial risks and absorb potential losses, is being maintained at more than three times the regulatory requirement.
BML issued more than MVR 10 billion in new loans during 2025 and provided a further MVR 8 billion in financing during the first six months of 2026. Shareef said the scale of this lending demonstrates the bank’s contribution to investment, business expansion and economic growth across multiple sectors.
The bank also provides financing to contractors implementing government infrastructure projects. Shareef explained that BML does not finance contractors solely because they are engaged in state-funded projects, but because these companies generate employment, conduct commercial activities and contribute directly to national development.
“Every contractor we finance provides employment to Maldivians,” he said. “Every project they carry out is a force that moves the Maldivian economy forward.”
Financing provided to contractors supports business growth, employment creation, infrastructure development and improvements to living conditions across the country. Such investments also contribute to the development of essential public facilities and strengthen economic activity within island communities.
Shareef also addressed BML’s participation in housing development projects, describing housing as one of the most significant social challenges facing Maldivian families. Housing projects financed in partnership with the government are expected to deliver close to 4,000 apartments.
He said the figure should be understood as 4,000 families receiving homes rather than merely as a financial or construction target. Access to secure housing, he noted, can improve family stability, strengthen communities and enhance the overall quality of life.
“If investing in housing projects is something for which we are criticised, we will accept that criticism with pride every day,” Shareef said.
BML has also continued to expand its physical service network across the atolls. Seven additional branches are being opened under the latest stage of the bank’s expansion programme, while 17 branches have already been established over the past two years.
Shareef said the expanded branch network will enable BML to better understand the specific needs of customers at island level, provide direct assistance and resolve banking-related challenges closer to where customers live and operate their businesses.
Branch employees will also visit homes, businesses and neighbouring islands to explain banking products, promote financial literacy and raise awareness of scams and fraudulent activities. This community-based approach is intended to strengthen customer confidence and help individuals make better-informed financial decisions.
Shareef rejected claims that opening branches and installing automated teller machines in island communities represented unnecessary expenditure. He said residents outside Malé should not be required to spend additional time and money travelling by sea to access services that are readily available in the capital.
“Every island in this country should receive banking services in the same manner as Malé,” Shareef said. “This is not an unnecessary investment. It is our responsibility.”
BML supports customers throughout different stages of their lives, beginning with savings accounts for children and student cards available from the age of seven. The bank also provides higher-education financing and financial facilities for young people entering employment, pursuing professional development or establishing businesses.
The bank’s foreign-currency operations also have a direct impact on national economic activity. Shareef said BML is selling close to USD 80 million per month to customers and has provided USD 860 million in dollar-denominated loans to businesses, particularly companies operating in the tourism sector.
Tourism remains the Maldives’ principal economic industry, generating foreign-currency earnings, employment and investment opportunities across the country. BML’s financing for tourism businesses supports the development and operation of resorts and related enterprises, while helping the industry maintain its position as a globally recognised destination for premium island hospitality.
The bank has also introduced international accounts through its Swipe digital wallet, enabling customers to hold accounts in US dollars, pounds sterling and euros. Each account is provided with an individual International Bank Account Number, offering users greater convenience when receiving and managing international payments.
The facility is designed to support freelancers, content creators, young entrepreneurs and digitally enabled businesses that provide services to international clients. More than 20,000 people are currently using Swipe, while over 3,300 businesses accept payments through the platform.
During the Youth Entrepreneurs Expo 2026, BML also introduced a MVR 1 billion youth entrepreneurship financing scheme for Maldivians between 18 and 30 years of age. The programme will combine access to financing with training, professional guidance and business-development support.
The scheme is expected to help young Maldivians transform viable ideas into sustainable businesses while developing the financial, managerial and operational skills required to compete in a rapidly evolving economy. It also represents a significant commitment to expanding opportunities for youth participation in sectors including tourism, technology, digital services, retail, professional services and creative industries.
Shareef said investing in the knowledge, skills and capabilities of young people is among the most important investments that can be made in the future of the Maldives. He reaffirmed that BML will continue expanding access to financial services, supporting businesses and contributing to sustainable economic growth in its role as the country’s national bank.
advertisment
advertisment
