The Small and Medium Enterprise Development Finance Corporation (SDFC), now a subsidiary of Bank of Maldives (BML), has appointed Badhuruddheen Hassan as its new Managing Director. This appointment follows the government’s transfer of its SDFC stake to BML, a move approved earlier this year, and positions SDFC as a dedicated Islamic digital bank focused on bolstering the Maldives’ SME sector.
Badhuruddheen Hassan, formerly BML’s Director of Retail and SME Banking, brings extensive financial sector experience to his new role. His appointment signifies a commitment to strengthening SME development through innovative financial solutions. In addition to his Managing Director responsibilities, he has also been appointed as an Executive Director to the SDFC Board.
Further strengthening the SDFC’s leadership, Fathimath Farihath Waheed, BML’s Head of Card Networks and Strategic Partnerships, has been appointed as a Non-Executive Director to the Board. This appointment underscores the collaborative approach between BML and SDFC in supporting Maldivian SMEs.
The complete SDFC Board now consists of the following members:
• Mohamed Shareef, M. Ifau, Malé
• Badhuruddheen Hassan, Hikifinifenmaage, HDh. Kulhudhuffushi
• Fathimath Farihath Waheed, G. Maavehi, Malé
• Fathimath Azma, Nursery, Miskihmagu, Gn. Fuvahmulah
• Ahusal Mohamed, Bashimaage, HA. Hoarafushi
• Fathimath Yamna, Alimas Villa, S. Meedhoo
SDFC’s strategic focus under BML will be on providing Islamic financing solutions via advanced digital platforms. The bank prioritizes support for startups, women-led businesses, fishermen, farmers, agribusinesses, sustainable ventures, and e-commerce enterprises. This targeted approach aims to foster inclusive and sustainable growth within the Maldivian SME landscape.
The integration of SDFC into BML represents a significant advancement in supporting the growth and development of small and medium-sized enterprises across the Maldives. This strategic move combines BML’s established financial infrastructure with a dedicated focus on innovative and inclusive financing solutions for SMEs, fostering economic diversification and sustainability within the nation.
This new structure promises to enhance access to capital and resources for Maldivian entrepreneurs, particularly those in underserved sectors. The emphasis on digital platforms will further streamline the financing process, making it more accessible and efficient for businesses of all sizes. The SDFC’s commitment to supporting sustainable and inclusive growth positions it as a key player in the future economic development of the Maldives.
The appointment of experienced leaders like Badhuruddheen Hassan and Fathimath Farihath Waheed reinforces the seriousness of this initiative and provides confidence in the SDFC’s ability to effectively deliver on its ambitious goals. The combined expertise and resources of BML and SDFC are poised to significantly impact the SME sector, driving economic progress and prosperity across the Maldives.
