Bank of Maldives

Bank of Maldives Plc
Public
Industry Financial services
Founded Malé, Maldives (1982)
Headquarters Malé, Malé, Republic of Maldives
Key people
 Andrew Healy (CEO and Managing Director),
Products Financial Services
Revenue Increase MVR 1.7 billion (2015)
Increase MVR 932 million (2015)
Increase MVR 662 million (2015)
Total assets Increase MVR 18 billion (2015)
Total equity Increase MVR 2.91 billion (2015)
Number of employees
 850 (2015)
Subsidiaries B.M.L. Investments Pvt Ltd
B.M.L. Properties Pvt Ltd
Website www.bankofmaldives.com.mv

Bank of Maldives Plc (BML) is the national bank of the Maldives, established on November 11, 1982. The main business of the bank is retail banking, in addition to handling development banking activities in all the atolls. Its services include electronic banking, loan facilities, credit cards and debit cards.

BML has 29 branches, including four in Male, the capital, one in Ibrahim Nasir International Airport (Hulhule' Island) and one each in both Villingili ward and Hulhumale.[1]

BML won the JPMorgan Elite Quality Recognition Award 2011.[2]

History

Bank of Maldives was inaugurated on November 11, 1982[3][4][5] 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.[5]

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.[3]

Islamic banking

Bank of Maldives launched Islamic banking services under the name "BML Islamic" on 22 January 2015.[6][7][8] BML Islamic offers Wadi'ah Deposit Account services for personal banking customers and will be launching services for business customers.[7][8]

Corporate social responsibility

Bank of Maldives believes in contributing to the community and thus encourages staff volunteerism as well as participate in numerous CSR endeavours. Most notably, the Bank managed the Gaza Fund during the Help Gaza Telethon.[9][10][11]

References

  1. ↑ "REGISTER OF BANKS" (PDF). Retrieved 24 March 2015.
  2. ↑ "Bank of Maldives wins JPMorgan Elite Award". JP Morgan. 11 October 2012. Retrieved 24 March 2015.
  3. 1 2 "List of Banks in Asia". World Wide Banking. Retrieved 24 March 2015.
  4. ↑ "Annual Report and Financial Statements" (PDF). Maldives Monetary Authority. Retrieved 24 March 2015.
  5. 1 2 "Annual Report 2005" (PDF). Bank of Maldives PLC. Retrieved 24 March 2015.
  6. ↑ "BML’s commencement of Islamic financial services is a great news for many Maldivians- Dr. Shaheem". Miadhu. 22 January 2015. Retrieved 24 March 2015.
  7. 1 2 "BML introduces Islamic Banking Services". V News. 22 January 2015. Retrieved 24 March 2015.
  8. 1 2 "Bank of Maldives starts to roll out Islamic Banking Services with launch of Wadi’ah Deposit Product". MyNewsDesk. 22 January 2015. Retrieved 24 March 2015.
  9. ↑ "Maldives to donate US$1.4million for Gaza war victims". ReliefWeb. 10 August 2014. Retrieved 24 March 2015.
  10. ↑ "Help Gaza Telethon at full swing; MVR 12 million and ongoing". Haveeru Online. 9 August 2014. Retrieved 24 March 2015.
  11. ↑ "Help Gaza Telethon gains momentum". SunOnline. 9 August 2014. Retrieved 24 March 2015.
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