BML CEO: National Banks Must Invest in Development, Not Just Profit

Bank of Maldives (BML) CEO Mohamed Shareef has stated that the fundamental role of a national bank extends beyond profit to include investing in critical social and economic projects that raise living standards. He made the remarks at the groundbreaking ceremony for 1,190 housing units in Hulhumalé Phase II, a project officiated by President Dr. Mohamed Muizzu. Speaking at the site, managed by contractor Beijing Urban Construction Group (BUCG), Shareef highlighted the unprecedented pace of the BML Affordable Housing Project. He noted that while similar past initiatives faced lengthy delays, this nationwide effort is set for completion by mid-2028, bringing hope to thousands of families. The project aims to provide safe and affordable housing to every Maldivian citizen in need. Shareef directly linked national economic development to a robust banking system, emphasizing a bank's primary duty to fund projects that drive social progress. He commended President Muizzu's commitment to development, crediting the current progress to the President's leadership and vision in addressing public needs. The BML Affordable Housing Project is executed by subsidiary BML Affordable Leasing Pvt Ltd under the government's 'Housing for All' policy. Using a lease-to-own model, the scheme will develop 3,260 residential flats across Hulhumalé Phase I, Phase II, and Vilimalé. With this latest ceremony, physical work has now commenced on 2,896 units across four separate developments. This includes projects by other contractors in Vilimalé and Hulhumalé Phase I. The groundbreaking for the remaining 364 units is scheduled for March 31, with the entire project slated for practical completion by the end of August 2028.