Important for BML to find ways to collaborate with businesses: Zameer

Finance Minister Moosa Zameer stated today that it is important to establish a mechanism through which Bank of Maldives (BML) can work in collaboration with other businesses.

Zameer made these remarks while speaking as the chief guest at the inauguration ceremony of the new BML branch established in Dh. Kudahuvadhoo. Minister Zameer noted that the growth of BML, the national bank of the Maldives, is something all Maldivians should be proud of and emphasized that other Maldivian businesses must also partner and work with BML.

Zameer explained that due to the nature of banking laws in Maldives, banks cannot directly participate in business; however, looking at other countries, banks participate in other national businesses while minimizing their risks. The Minister stated that it is important to do the same in the Maldives.

"I believe the Governor will also think deeply about this and work towards achieving the goal I mentioned, in accordance with the guidance provided by the President," he said.

Zameer noted that while other banks operating in the Maldives take their profits abroad, which he described as "very natural" and how it happens in other countries, BML is different because everything the bank does benefits Maldivians.

He highlighted services such as the disbursement of emergency funds and the sale of dollars at the official rate to Maldivians traveling abroad.

The Minister added that it must be accepted that such services would not be available from any other bank operating in the Maldives.

"It is our bank that will serve us Maldivians. Therefore, my appeal is for everyone to participate in growing this bank; let the growth of Bank of Maldives be something we are proud of, and for other Maldivian businesses to also participate and work together with the bank," Zameer said.

The Minister further stated that BML is an institution that completes the tasks assigned to it on time and noted the bank's financial progress. He remarked that BML's greatest achievement last year was the installation of ATMs in all inhabited islands, while this year's focus is on installing dollar ATMs and expanding the bank's branch network across the islands.

Accordingly, 70 dollar ATM machines will be installed this year.

"This is something that will provide ease to individuals and business owners as the guesthouse industry grows across different parts of the Maldives. Additionally, the bank has planned to open 12 branches before the end of this year," the Finance Minister said.

BML stated that the opening of a new branch in Kudahuvadhoo demonstrates the priority the bank gives to establishing arrangements for easy access to banking services and the economic growth of the atolls.

"With the opening of this newly built branch, the operations of the existing branch in Kudahuvadhoo will be shifted to the new one. As a result, it will help meet the increasing banking needs of Kudahuvadhoo and nearby islands, enhancing the capacity to provide fast and easy services to customers," BML said.