Bank of Maldives (BML) has appointed Mohamed Shareef as its new Chief Executive Officer (CEO), making him the first Maldivian to lead the country’s national bank. Shareef, who previously served as the bank’s Deputy CEO, is set to officially assume the role on Thursday.
With over 25 years of experience in the financial sector, Shareef has held executive and board-level positions for more than seven years. During his extensive tenure at BML, he played a key role in modernising the bank’s operations, including introducing co-banking systems, debit and credit cards, and leading efforts to digitise services through internet and mobile banking, self-service banking, and eCommerce payment gateways.
BML praised Shareef’s leadership across several key departments, including Islamic Banking, Technology, Marketing, Retail Banking, and Operations, noting his pivotal role in achieving the bank’s strategic goals.
Shareef holds a Master’s degree in Finance from the University of Manchester and completed the Senior Executive Programme at the London Business School. He also served as Vice Chairman of the Asian Bankers Association from 2018 to 2020.
Previous Resignation and Controversy
Shareef’s appointment comes after a significant leadership shift, and marks his return to the bank following his resignation in 2020 after over 25 years of service. At that time, Shareef held the position of Deputy CEO and Chief Operating Officer (COO), having served in other senior roles, including Head of Card Centre, Retail Banking Director, and Operations Director.
While the bank did not disclose the reason for his departure in 2020, his resignation followed accusations by several government officials that he had facilitated the Maldives Marketing and Public Relations Corporation (MMPRC) embezzlement and money laundering scheme. Shareef denied all allegations, and no charges were brought against him.
Recent Board Restructuring at BML
Shareef’s appointment follows a broader leadership reshuffling at BML, which saw Ahmed Ali Habeeb appointed as chairperson of the board during an Extraordinary General Meeting (EGM) last month. New directors, including Habeeb, Ali Irufan, and Mohamed Shahid, were named alongside government-nominated members Ali Faris Mohamed, Adil Moosa, and Dr Mariyam Suzy Adam. Public shareholders also elected directors Abdulla Naseem, Moosa Rasheed, and Najeem Ibrahim Zakariyya.
The leadership overhaul came amid a period of upheaval, following the resignation of Managing Director and CEO Karl Stumke in September. His departure was linked to a controversy surrounding BML’s decision to suspend foreign transaction allowances on Maldivian Rufiyaa (MVR)-linked debit and credit cards, which was widely criticised and subsequently reversed under pressure from the Maldives Monetary Authority (MMA).
Concerns over Government Influence
As Mohamed Shareef steps into the CEO role, some analysts have expressed concerns over the growing influence of the Maldives Government on the bank’s operations. The appointment of Habeeb, who also serves as Principal Secretary to the President on Cabinet Affairs, has been viewed as part of President Dr Mohamed Muizzu’s efforts to exert greater control over BML.