HDFC Opens Application for Managing Director Position

Housing Development Finance Corporation PLC (HDFC) has announced applications for the role of Managing Director.

Established as a State-Owned Company in 2004, HDFC underwent privatisation in 2008 with equity injections from the Government of the Maldives, the International Finance Corporation (IFC), the Asian Development Bank (ADB), and HDFC Bank Ltd. of India. 

- Advertisement -

The current shareholding structure follows: Government of the Maldives 49%, International Finance Corporation 18%, Asian Development Bank 18%, HDFC Bank Ltd. (India) 15%.

Despite increased competition in the housing finance market, HDFC maintains a significant market share. The institution is the sole specialised housing finance provider in the Maldives, addressing the housing needs of individuals and families.

Position: Managing Director (MD)

This role is on a contract basis for two years, subject to the Maldives Monetary Authority’s fit and proper criteria. The MD will report to the Board of Directors and will be responsible for setting the company’s strategic direction and implementing necessary plans, budgets, systems, policies, and procedures. Essential duties include anticipating longer-term industry developments, managing overall business operations within delegated authority, and creating sustainable long-term shareholder value.


Candidates should hold a minimum of a Bachelor’s Degree, preferably in economics, management, business, or finance, or be a member of a professional accounting body recognised by IFAC.


At least ten years of work experience in the financial services industry is required, with at least five years at the executive level. Candidates should possess extensive people management experience, preferably in a commercial environment, and comprehensive knowledge of the retail finance sector.

Requirements/Core Competencies:

Candidates must demonstrate high integrity, sound consumer finance and banking knowledge, strategic thinking abilities, strong management skills, and a commitment to environmental and social policies. The preferred age range is between 40 and 50 years.

Interested candidates are requested to submit their applications, available for download at, along with a CV, copy of ID card, attested educational certificates, and supporting documents, by 10th December 2023. Applications should be sent to the Chairman of HDFC via email at

- Advertisement -