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

Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has stated that investing in social development and improving citizens' quality of life is a core duty of a national bank. He made the remarks at the groundbreaking ceremony for a 182-unit housing project in Hulhumalé Phase One, part of the government's 'Housing for All' policy and BML's own Affordable Housing Programme. Shareef emphasized that a country's economic growth is directly linked to the strength of its financial system, arguing that a national bank's responsibilities extend far beyond generating profit. “The development of a country’s economy and its banking system are intertwined,” Shareef said. “The primary responsibility of a national bank is not only to make financial profits, but also to invest in projects that support the social and economic development of the country.” He explained that the BML housing project allows the bank to directly address the housing challenges in the Greater Malé area. The initiative is designed to ease financial pressures on households struggling with housing shortages while also providing a boost to the wider economy. According to Shareef, investments of this kind will revitalize the construction sector, expand access to affordable homes, and contribute to broader societal progress. “The Bank of Maldives stands as a strong example of national development aligned with government policy,” he added. “Investing in such projects will revive the construction sector, provide affordable housing for many families and improve society in multiple ways.” BML noted that government support and concessions for the project are key to ensuring the delivery of affordable housing. Under its wider programme, the bank plans to develop a total of 3,260 apartments in the Greater Malé region. The current 182-unit project, contracted to FW Construction, is scheduled for completion by mid-2028.