The Pension Office has appointed Abdul Majeed Ali as Chairperson of its Board, filling a post that had remained vacant for more than three months following a series of senior resignations earlier this year.
The Pension Office announced that Majeed, who is already a sitting member of the Board, has taken over as Chairperson. His appointment comes at a time when the institution has faced heightened scrutiny over the government’s plan to raise MVR 2.4 billion through a bond issued via the Pension Office.
Majeed first served on the Board as the private-sector representative from 10 February 2022 to 9 February 2024. He was reappointed on 10 March 2024 and served until 20 May this year.
He has extensive experience in banking and finance, including roles at Bank of Ceylon and Bank of Maldives. He has also served as the private-sector representative on the Board of the Capital Market Development Authority and was a member of its Audit Committee.
Majeed holds a Master of Science in International Economics, Banking and Finance from Cardiff University in Wales, and a Bachelor of Business in Banking, Finance and Accounting from Monash University in Australia.
The Pension Office also announced the appointment of former Hajj Corporation Managing Director Yameen Idris to its Board.
The leadership changes follow resignations in February by several senior officials, including financial expert Saruvash Adam, Chief Executive Officer Sujatha Haleem, Chief Financial Officer Hawwa Fajwa, and former Chairperson Dr Ahmed Inaz. The resignations came amid concerns over the proposed MVR 2.4 billion bond arrangement.
Although the Pension Office later opened applications for vacant posts, the response reportedly remained limited. The appointment of a new Chairperson is therefore likely to be viewed as an important step in restoring board-level continuity at the institution.
