Bank of Maldives appoints Shareef as first Maldivian chief

Bank of Maldives (BML) on Wednesday announced Mohamed Shareef as its new Chief Executive Officer effective from Thursday.

With this appointment, Shareef has become the first Maldivian CEO of the institution, a significant milestone for the bank and the Maldivian financial sector.

BML announced an opening for the post of CEO, following the resignation of former CEO Karl Stumke.

Stumke’s unexpected resignation on September 9 month has triggered speculation, particularly concerning his decision to enforce restrictions on transactions outside of cards issued to Rufiyaa accounts. The government is currently investigating the implications of these restrictions, which some speculate could be a financial coup.

Shareef brings over 25 years of extensive experience in the financial sector to his new role, including over 7 years at executive and board level.

During his tenure at BML, Shareef played an instrumental role in modernising the Bank's operations and driving significant growth.

He led a key role in the implementation of core banking systems, the introduction of debit and credit card services, and the expansion of digital banking solutions, including internet banking, mobile banking, self-service banking, and e-commerce payment gateways. These initiatives significantly enhanced the bank's financial performance and improved its service delivery and digital transformation.

Shareef was pivotal in the bank’s strategic development throughout his tenure, having overseen key departments including Islamic banking, technology, marketing, retail banking, and operations.

Shareef holds an MBA from the University of Manchester and has completed the Senior Executive Programme at London Business School, a prestigious program for CEOs and senior executives worldwide. He further enhanced his leadership credentials by serving as the elected vice chairman of the Asian Bankers Association from 2018 to 2020.

Shareef's career continued in the private sector following his departure from BML in 2020, where he held several executive and consulting positions.