SDFC Appoints New Leadership Following Transition to BML Subsidiary

Business

The SME Development Finance Corporation (SDFC) has announced key leadership changes, appointing Mohamed Shareef as Chairperson and Badhurudheen Hassan as Managing Director.

Shareef currently serves as Chief Executive Officer and Managing Director of Bank of Maldives (BML), while Badhurudheen previously held the role of Director of Retail and SME Banking at BML.

In addition, Fathimath Farihath Waheed, Head of Card Networks and Strategic Partnerships at BML, has joined the SDFC Board as a Non-Executive Director.

The appointments follow the Government’s decision in July to divest its stake in SDFC to BML, making the corporation a subsidiary of the national bank.

BML has stated that SDFC will be transformed into a Shari’ah-compliant, digital-first subsidiary focused on expanding access to finance for Micro, Small, and Medium Enterprises (MSMEs). The new direction aims to provide technology-driven financial services to empower businesses and strengthen the sector’s contribution to the Maldivian economy.