A new Chief Executive Officer (CEO) has been appointed to Bank of Maldives (BML).

In a statement on Wednesday, the country’s national bank announced that Mohamed Shareef has been appointed as their new CEO.

With the appointment, Shareef officially resumed his responsibilities as the bank’s new CEO, on Thursday.

Shareef has become the first Maldivian CEO of the bank, which marks an important milestone for BML as well as the Maldivian financial sector.

The new BML CEO has more than 25 years of extensive experience in the financial sector including more than seven years at executive and board level.

During his tenure at BML, Shareef has played an instrumental role in modernizing the bank’s operations and steering significant growth.

Shareef played a key role in the implementation of core banking systems, the introduction of debit and credit card services, and the expansion of digital banking solutions, including internet banking, mobile banking, self-service banking, and e-commerce payment gateways.

BML revealed that these initiatives significantly enhanced their financial performance and improved its overall service delivery and digital transformation.

Having played a pivotal role in the bank’s strategic development throughout his tenure, Shareef oversaw key departments including Islamic Banking, Technology, Marketing, Retail Banking, and Operations.

Shareef attained an MBA from the University of Manchester and completed the Senior Executive Programme at London Business School, a prestigious program for CEOs and senior executives across the globe.

The new CEO of the bank further boosted his leadership credentials by serving as the elected Vice Chairman of the Asian Bankers Association from 2018 to 2020.

Shareef's career continued in the private sector following his resignation from BML in 2020. He served in several executive and consulting positions in the private sector.

Shareef previously served as Deputy CEO of BML during former President Abdulla Yameen Abdul Gayoom's administration.

Then, Shareef faced multiple allegations related to the Maldives Marketing and Public Relations Corporation (MMPRC) grand embezzlement scandal, with the People’s Majlis committee investigating the matter having referred him to the Maldives Police Service (MPS) for allegedly providing false information. However, both the bank and Shareef have denied these allegations.

Shareef's appointment as the new CEO of BML comes at a time opposition political parties have accused the incumbent administration of exerting political influence over BML.

As such, allegations have surfaced that changes made to BML's board was influenced by the government.