The SME Development Finance Corporation (SDFC) has appointed Mohamed Shareef as Chairperson and Badhurudheen Hassan as Managing Director.

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

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

Following the Government’s decision in July to divest its stake in SDFC to BML, the corporation has now become a subsidiary of the bank.

BML has stated that SDFC will be developed into a Shari’ah-compliant, digital-first subsidiary, providing technology-driven financial services aimed at expanding access to finance for the Micro, Small and Medium Enterprise (MSME) sector.