The Bank of Maldives (BML) has announced the appointment of three new members to its Board of Directors during an Extraordinary General Meeting (EGM) held today. Ahmed Ali Habeeb has been appointed as the Board Chairperson, alongside Mohamed Shahid and Ali Irfan.

Ahmed Ali, who currently serves as a Cabinet Secretary at the President's Office, will lead the board as it navigates recent changes within the bank's leadership. The EGM was conducted via the online platform of Maldives Security Depositary (MSD), known as 'Fahi Vote.'

In a policy shift aimed at enhancing governance, the Maldives Monetary Authority (MMA) amended the Corporate Governance Policy for banks and financial institutions in August of last year, allowing for the appointment of new board members.

With the latest appointments, the BML board now consists of nine members: six appointed by the government and three representing general shareholders. Originally composed of 11 members, the board currently has two vacant seats.

Current BML Board Members:

1. Ahmed Ali Habeeb (Chairperson)

2. Ali Faris Mohamed

3. Adil Moosa

4. Mariyam Suzy Adam

5. Ali Irfan

6. Mohamed Shahid

7. Abdulla Naseem

8. Moosa Rasheed

9. Najeem Ibrahim Zakariyya

The recent changes come on the heels of resignations from key positions within the bank. Aishath Sajny, a board member representing the government and serving as a Policy and Research Consultant for the Ministry of Economic Development, resigned last week. Additionally, Aishath Nooraddeen, BML's Deputy CEO, stepped down last month, and CEO Karl Stumke's last day in office was Saturday.

As BML undergoes these transitions, the new board members are expected to play a crucial role in steering the bank toward its future objectives.