Bank of Maldives (BML) Islamic has reached a significant achievement in the nation’s financial landscape, recording deposits totalling MVR 2.4 billion. This announcement was made by BML CEO Mohamed Shareef during the inauguration ceremony of the Islamic University of Maldives’ new “Sanabil” building, a project symbolizing the growing integration of Sharia-compliant finance and education in the country.
With the bank’s Islamic portfolio now reaching MVR 3 billion, BML Islamic continues to strengthen its presence as a trusted provider of Sharia-compliant financial services in the Maldives. Since its launch in 2016, BML Islamic has introduced a suite of Islamic financial solutions including personal and home financing, Islamic overdrafts, and Sharia-compliant debit and credit cards, contributing to financial inclusion while respecting Islamic values.
CEO Shareef confirmed that the bank plans to accelerate the expansion of its Islamic banking footprint this year. Four regional branches are scheduled for conversion to fully Islamic operations, and by year-end, all BML branches in the atolls will function as dedicated Islamic banking hubs. This move aims to provide more accessible Sharia-compliant financial services across the nation’s dispersed island communities.
In a strong show of support for Islamic education and capital markets, BML made a landmark investment of MVR 60 million in the sukuk issued for the development of the Sanabil building, the first time a local financial institution has backed an Islamic capital market instrument initiated by a Maldivian entity. The sukuk, launched in June 2024, will fund the construction of a seven-storey facility for the Islamic University of Maldives.
Highlighting BML’s commitment to nurturing the future of the nation, Shareef emphasized the bank’s focus on education as a pillar of its corporate responsibility. In addition to infrastructure investments, BML is currently sponsoring the education of nine Maldivian students pursuing banking and finance degrees in the United Kingdom and Australia.
As Islamic finance continues to flourish in the Maldives, BML’s strategic investments and service expansion reflect a broader national vision to promote ethical financial solutions while empowering future generations through education and inclusive growth, a message that resonates with both local communities and global stakeholders visiting the Maldives.
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