The Maldives’ banking sector has expanded with the Maldives Monetary Authority granting a banking licence and operational approval to Maldives Premier Bank Private Limited, authorising the institution to begin commercial banking activities in the country.
The licence was granted on 18 May 2026, following a pre-operational approval issued on 19 May 2025 for the establishment of a Tier 1 bank. During the pre-operational phase, Maldives Premier Bank was required to fulfil licensing and operational requirements set by the regulator. Revisions to the proposed name of the institution and its ownership structure were also submitted and approved by MMA.
The licence was formally handed over by MMA Governor Ahmed Munawar at a ceremony attended by senior officials of the central bank, including members of its Executive Committee, as well as Maldives Premier Bank’s chairperson, board members, shareholder representatives and senior management.
With the entry of Maldives Premier Bank, the number of banks operating in the Maldives has increased to nine. The development is expected to add further competition to the banking industry, while contributing to wider access to financial services and financial sector development.
According to the bank, its Board of Directors brings experience across central banking, commercial and development banking, securities regulation, public finance and international development institutions. The board is chaired by Ayesha Nurain Janah as Non-Executive Chairperson. Other Non-Executive Directors include Raheema Saleem, Mariyam Shahidha Mohamed, Ismail Ali Manik, Mohamed Hussain Maniku and Sujatha Haleem. Arah Sadava serves as Chief Executive Officer and Managing Director.
The bank’s senior management includes Vikum Welegedera as Head of Operations, Shaikh Abdul Majeed as Head of IT, Mariyam Leela as Head of HR, Klaus Muller as Head of Finance, and Khadheeja Rashaa as Legal Counsel and Company Secretary.
Maldives Premier Bank said its management team brings experience across banking, technology, operations, risk and human resources, with expertise spanning 14 countries across Asia, Africa, Europe, the Pacific and the Maldives.
The bank has positioned itself as a customer-focused financial institution combining relationship banking, governance, international practice and technology. It is located at H. Sunleet, 1st Floor, Boduthakurufaanu Magu, Malé.
MMA said the licensing of Maldives Premier Bank forms part of efforts to strengthen the Maldivian financial sector, deepen competition within the banking industry and support broader access to financial services.
