Bank of Maldives (BML)'s Chief Executive Officer and Managing Director Mohamed Shareef has been appointed Chairperson of Small and Medium Enterprises Development Finance Corporation (SDFC), with Badhurudheen Hassan as Managing Director.

In addition, Fathimath Farihath Waheed, Head of Card Networks and Strategic Partnerships at BML, has joined the SDFC Board as a non-executive director.

The updated SDFC Board now consists of Mohamed Shareef, Badhurudheen Hassan, Fathimath Farihath Waheed, Fathimath Azma, Ahsal Mohamed, and Fathimath Yamna.

The government decided on 25 July to sell its stake in SDFC to BML. According to the President’s Office, the move aims to strengthen access to finance for small and medium enterprises (SMEs). With the acquisition, BML has pledged to issue SME loans worth MVR 500 million within the first year and MVR 1.9 billion over the next five years. The plan also includes MVR 300 million in funding for start-up businesses over the next three years.

The President’s Office also confirmed that SDFC, under BML’s ownership, will operate as an Islamic finance institution, conducting transactions in line with Shariah principles. It will also continue to offer SME loans without exceeding existing interest rates, while adopting a digital-first approach to improve business financing and efficiency.