BML biggest Islamic bank in Maldives, CEO says

The Bank of Maldives (BML) is currently the largest Islamic banking provider in the country, according to its Chief Executive Officer and Managing Director, Mohamed Shareef.

Speaking at the bank’s Annual General Meeting held at the Barcelo Nasandhura Malé hotel Wednesday evening, Shareef stated that BML Islamic operates eight branches across the Maldives. He noted that the bank delivers Islamic banking services through the highest number of branches, self-service banking centres, and payment channels in the country.

Shareef also highlighted several milestones achieved by BML Islamic, including being the first bank in the Maldives to subscribe to the Sanabil Sukuk, issued by the Islamic University of Maldives. The bank was also the first to invest in an Islamic capital market instrument issued by a statutory body.

Additionally, BML Islamic financed the country’s first fully Shariah-compliant resort development project.

In 2024, BML Islamic disbursed MVR 1.06 billion in new financing to individuals and businesses. Shareef said the bank will continue to expand its Shariah-compliant offerings in response to growing customer demand.

This year marks a decade since BML launched its Islamic banking services.