Mohamed Shareef, CEO and Managing Director of Bank of Maldives (BML), has been named Chairperson of the SME Development Finance Corporation (SDFC), coinciding with plans for BML to acquire shares in SDFC. Meanwhile, Badruddin Hassan has been appointed Managing Director of SDFC.
Before his new role, Badruddin served as Director of Retail and SME Banking at BML and has held various leadership positions within the bank, including Head of Retail, Cards, and Digital Banking, as well as Senior Manager and Head of Retail Banking.
Shareef assumed the role of BML CEO on August 17 and brings over 25 years of financial sector experience, with more than seven years at executive and board levels. He holds an MBA from the University of Manchester and completed the Senior Executive Programme at London Business School.
The government announced on July 20 its intention to sell its stake in SDFC to BML, linked to MVR 1.9 billion in five-year loans aimed at supporting small and medium enterprises (SMEs).
BML has committed to transforming SDFC into a digital bank offering Islamic financing services tailored to Maldives’ micro, small, and medium enterprises (MSMEs). The bank’s strategy will prioritize funding for startups, women-run businesses, fishermen, farmers, agribusinesses, sustainable ventures, and e-commerce.
Through this acquisition, BML aims to leverage its strong financial foundation, extensive network, and growing digital banking expertise to accelerate MSME banking digital transformation, enhance financial inclusion, and promote economic prosperity in the Maldives.
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