Mohamed Shareef, Chief Executive Officer and Managing Director of Bank of Maldives (BML), has emphasised that investing in social development and improving quality of life is a fundamental responsibility of a national bank.
He made the remarks during the groundbreaking ceremony of a 182-unit housing project under the Affordable Housing Programme in Hulhumalé Phase One.
Shareef highlighted the strong connection between housing and the financial sector, noting that economic growth is closely linked to the strength and direction of a country’s banking system. He said that the role of a national bank goes beyond profit-making and includes contributing to the country’s broader social and economic development.
“The development of a country’s economy and its banking system are intertwined. The primary responsibility of a national bank is not only to make financial profits, but also to invest in projects that support social and economic progress,” he said.
He explained that the BML Affordable Housing Project, implemented under the government’s “Housing for All” policy, enables the bank to directly address housing challenges in the Greater Malé area. According to Shareef, the initiative will help ease financial pressure on households affected by housing shortages while also supporting overall economic growth.
The CEO added that such investments are expected to revitalise the construction sector, expand access to affordable housing, and contribute to wider social development.
“The Bank of Maldives stands as a strong example of national development aligned with government policy. Investing in such projects will revive the construction sector, provide affordable housing for many families and improve society in multiple ways,” he said.
BML also noted that government support and concessions provided for the project will help ensure the delivery of affordable housing at accessible rates.
Under its Affordable Housing Programme, BML plans to develop a total of 3,260 apartments across the Greater Malé region. The 182-unit project, being developed by FW Construction, forms part of this broader initiative and is scheduled for completion by mid-2028.
