Bank of Maldives (BML) Chief Executive Officer and Managing Director Mohamed Shareef has been appointed as the new Chairperson of the SME Development Finance Corporation (SDFC), in a move that comes as the government prepares to transfer its stake in SDFC to BML.
Alongside Shareef’s appointment, Badruddin Hassan has been named as the corporation’s new Managing Director.
Shareef, who officially assumed leadership at BML on August 17, brings more than 25 years of experience in the financial sector, including over seven years serving in executive and board-level roles. He holds an MBA from the University of Manchester in the UK and has also completed the prestigious Senior Executive Programme for CEOs and senior leaders at the London Business School.
The restructuring follows the government’s July 20 announcement of its plan to sell SDFC to BML, with the deal linked to MVR 1.9 billion in five-year loans to support small and medium enterprises (SMEs).
According to BML, the acquisition will transform SDFC into a digital Islamic bank tailored to Maldivian micro, small, and medium enterprises (MSMEs). The new entity will focus on priority sectors including start-ups, women-led businesses, fisheries, agriculture, agribusiness, sustainable industries, and e-commerce. Officials said the initiative will be powered by advanced digital banking technology to widen financial inclusion and strengthen support for entrepreneurs.
By leveraging BML’s strong financial standing, nationwide reach, and expanding digital expertise, the bank aims to accelerate the transformation of SME banking in the Maldives. The broader goal, the institution said, is to boost participation in the financial system, encourage innovation in business, and contribute to long-term economic growth.
