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Bank of Maldives

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Bank of Maldives Plc
Company typePublic
IndustryFinancial services
FoundedMalé, Maldives (1982)
HeadquartersMalé,
Malé
,
Republic of Maldives
Key people
Tim Sawyer (CEO and Managing Director),
RevenueDecrease MVR 2.7 billion (2020)
Decrease MVR 1.6 billion (2020)
Decrease MVR 3.2 million (2020)
Total assetsIncrease MVR 31.4 billion (2020)
Number of employees
950 (2020)
Websitewww.bankofmaldives.com.mv

Bank of Maldives Plc (BML) is the leading financial institution in Maldives inaugurated on November 11, 1982. They are a full-service bank engaging across the complete spectrum of personal, business and corporate financial services with 260,000 customers. Bank of Maldives has an extensive network of branches, agents, relationship managers and online banking facilities.

History

Bank of Maldives was inaugurated on November 11, 1982 and began commercial operation as a joint venture bank with 60% shares held by the Government of the Maldives (including its Agencies and Maldivian Companies) and 40% shares owned by International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh. In December 1992, the Government decided to sell the Bank's shares to the general public. With this decision, Bank of Maldives became a public company on January 1, 1993.

Financial inclusion

Today the bank is present in every inhabited island through a branch, outlet, self-service banking ATM or an agent service. Bank of Maldives currently have nationwide network of 38 branches across all 20 atolls. The bank has 50 Self-Service Banking Centers, 115 ATMs, 277 agents and a full suite of Digital Banking services.

Bank of Maldives (BML) recently opened their second business centre in the Greater Male’ Region at Renaatus Ithaa Muiy, Hulhumalé as a part of the bank’s continuing support for businesses in 2019.

Dedicated Relationship Managers at the Business Centre will provide support for SMEs on a range of business banking and advisory services including applications for accounts, loans, credit facilities and merchant services including POS and Payment Gateway.

Customer service

Services for personal customers include Accounts, Loans, Credit Cards, Debit Cards, Internet Banking, and Mobile Banking through a nationwide network. Services for businesses include Accounts, Loans, Card Acquiring, Trade Services, Treasury Solutions, Payment Gateway, and E-Banking Solutions, all supported by Dedicated Relationship Managers and Product Specialists.

Islamic banking

Bank of Maldives launched Islamic banking services under the name "BML Islamic" on 22 January 2015.

Bank of Maldives continues to introduce Shari’ah compliant alternatives to their conventional products with the introduction of financing product and a competitive alternative for business customers. In 2019, BML Islamic introduced three new Savings and Investment Accounts for personal and business customers, adding to its growing portfolio of Shari’ah compliant banking solutions.

Customer deposits are maintained in a separate fund that is utilized exclusively for Shari’ah compliant purposes, overseen by the Bank’s Shari’ah Advisory Committee which includes internationally renowned Shari’ah scholars in the field of Islamic finance.

Investment in community

Bank of Maldives continues their investment program during in order to support local individuals, businesses and communities.

References

[1] [2] [3]