The Bank of Maldives (BML) has firmly denied recent allegations suggesting that it issued loans to contractors involved in government projects without board approval or in violation of established lending policies. The national bank emphasized that all lending operations are conducted in full compliance with internal governance frameworks, national banking laws, and international regulatory standards.
According to the bank, both the Board of Directors and Management operate independently and with prudence, guided by corporate governance principles aligned with frameworks such as Basel III and IFRS 9. These standards are reinforced through regular audits conducted by internationally recognized firms, ensuring transparency and accountability across all operational areas.
BML clarified that all loans are approved strictly according to the bank’s credit policies, which adhere to guidelines issued by the Maldives Monetary Authority (MMA). Each application undergoes rigorous assessment based on repayment capacity, borrower exposure limits, and underwriting principles before approval. The bank further noted that companies involved in government-awarded projects are eligible to apply for financing only through established commercial procedures, with no preferential treatment.
To safeguard sound lending practices, the Board of Directors has set specific sectoral limits covering direct government investments, loans under sovereign guarantees, financing against government receivables, and facilities extended to state-owned enterprises. BML also stressed that no single employee has discretionary authority to approve or modify loans, underscoring the institution’s structured decision-making process.
As of the end of the third quarter of 2025, the bank’s total loan portfolio reached MVR 23.7 billion, with MVR 6.5 billion in new loans issued this year. Sector-wise, tourism leads with MVR 8.71 billion, followed by individual customers (MVR 5.34 billion), construction and housing (MVR 5.09 billion), transport and communications (MVR 2.40 billion), businesses (MVR 1.04 billion), and other sectors (MVR 1.11 billion). These figures reflect the bank’s balanced portfolio and continued confidence in key industries that drive the Maldivian economy.
Positioning itself as a cornerstone of national development, BML reiterated its commitment to supporting economic growth while protecting the rights of its depositors, shareholders, and stakeholders through robust governance and international compliance. The bank urged the public to refrain from circulating misinformation that could undermine trust, labeling the spread of unverified claims as irresponsible and potentially harmful to customers and investors.
BML reaffirmed that it will continue to operate transparently, upholding the highest standards of professionalism and accountability as the nation’s leading financial institution.
