BML CEO Shareef appointed SDFC Chairman, Badruddin as MD

Mohamed Shareef, CEO and Managing Director of Bank of Maldives (BML), has been appointed Chairperson of the SME Development Finance Corporation (SDFC). This appointment comes as SDFC plans to sell its shares to BML. Concurrently, Badruddin Hassan has been appointed as Managing Director of SDFC.

At the time of his appointment as Managing Director, Badruddin served as the Director of Retail and SME Banking at BML. He has a history of other roles within the bank, including Head of Retail, Cards, and Digital Banking from May to December of the previous year. Badruddin has also held positions such as Senior Manager and Head of Retail Banking at BML.

Shareef assumed the CEO position at BML on the 17th of this month. He brings over 25 years of experience in the financial sector, with more than seven years at executive and board levels. Shareef holds an MBA from the University of Manchester, UK, and has completed the 'Senior Executive Programme' for CEOs and Senior Executives by the London Business School.

On July 20, the government announced its intention to sell its stake in SDFC to BML. This decision is linked to MVR 1.9 billion in five-year loans to small and medium enterprises.

BML previously stated that SDFC, under its new ownership, will provide Islamic financing services to Maldives' micro, small, and medium enterprises (MSMEs) utilizing the latest technology. The new strategy for this digital bank will prioritize financing for start-ups, women-run businesses, fishermen, farmers, agribusinesses, sustainable businesses, and e-commerce sectors.

The acquisition of SDFC by BML aims to leverage the bank’s strong financial position, broad reach, and growing digital banking expertise. The goal is to facilitate MSME banking digital transformation in the country, increase financial participation among the populace, and boost prosperity in the domestic economy.