Bank of Maldives (BML) Chief Executive Officer and Managing Director Mohamed Shareef has said that investing in social development and improving quality of life is a key responsibility of a national bank.
He made the remarks at the groundbreaking ceremony of a 182-unit housing project under the Affordable Housing Programme in Hulhumalé Phase One.
Highlighting the link between housing and the banking sector, Shareef said economic growth is closely tied to the strength and direction of a country’s financial system, noting that the role of a national bank extends beyond generating profit.
“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 the social and economic development of the country,” he said.
Shareef said the BML Affordable Housing Project, implemented under the government’s “Housing for All” policy, enables the bank to contribute directly to addressing the housing challenges faced in the Malé area. He noted that the initiative would help ease financial pressures on households affected by the lack of housing, while also benefiting the wider economy.
The CEO added that investments in such projects would revitalise the construction sector, expand access to affordable housing and contribute to broader 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 stated that government support and concessions provided for the project will help ensure the delivery of affordable housing.
Under its affordable housing programme, BML plans to develop a total of 3,260 apartments in the Greater Malé area. The 182-unit project, being carried out by FW Construction, is part of this broader initiative and is scheduled for completion by mid-2028.