Maldives Premier Bank launches as country’s ninth commercial bank
MMA Governor Ahmed Munawwar said the central bank aims to increase the contribution of the financial sector to the national economy.
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Maldives Premier Bank was officially inaugurated on Monday, becoming the ninth commercial bank operating in the Maldives.
President Dr Mohamed Muizzu attended the launch ceremony held at Barceló Nasandhura in Malé.
The launch also marked the opening of the bank’s head office and first branch. The head office has been established on the first and fifth floors of H. Sunleet.
In addition, the bank introduced its mobile banking application and internet banking platform.
Speaking at the ceremony, Maldives Monetary Authority (MMA) Governor Ahmed Munawwar said the central bank aims to increase the contribution of the financial sector to the national economy.
“The goal is to double this share. Currently, the financial sector accounts for 6% of the economy. There is strong hope that this number can be doubled. Even looking at the metrics within the banking sector, we see continuous high profitability,” Munawwar said.
Munawwar noted that taxes paid by the banking sector accounted for 14 per cent of total income tax revenue collected in 2025.
He also stated that approximately US$200 million in profits generated by banks over the past five years had been remitted overseas.
According to the governor, strengthening Maldivian participation in the banking sector remains an important objective for the country’s financial system.
“The MMA is working to amend banking laws in a way that creates a more favourable environment for Maldivian investors,” he said.
Munawwar further stated that foreigners currently occupy around 40 per cent of senior management positions within the banking sector.
He said the MMA aims to reduce that figure to 20 per cent over the next five years, with Maldivians filling 80 per cent of senior leadership and management roles.
According to the governor, achieving that target will require creating opportunities for young Maldivians to advance within the financial industry.
Business Registry records show that Maldives Premier Bank’s shareholders include Mohamed Ali Janah, Economic and Trade Advisor to President Muizzu, and his investment company, MDV Re Investments LLC.
The bank’s chairperson is Aisha Noorain Janah, who also serves as Chairperson of Maldives Airports Company Limited (MACL).
The launch of Maldives Premier Bank expands the number of commercial banks operating in the country and adds a new participant to the domestic banking sector.
