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Maldives Premier Bank officially launched tonight as the country's ninth commercial bank, with President Dr. Mohamed Muizzu gracing the opening ceremony.
News Desk
President Muizzu launches Maldives Premier Bank during the official opening ceremony. Photo: President's Office
MALÉ: Maldives Premier Bank was officially launched tonight as the ninth commercial bank operating in the Maldives.
President Dr. Mohamed Muizzu graced the official launch ceremony held at Barceló Nasandhura tonight as the chief guest.
Alongside its official inauguration, the bank opened its first branch today. The head office of Maldives Premier Bank is located on the 1st and 5th floors of H. Sunleet.
During tonight’s ceremony, the bank also launched its mobile application and internet banking portal to serve customers.
According to the Business Registration Portal of the Ministry of Economic Development and Trade, the shareholders of Maldives Premier Bank are prominent construction businessman and Advisor to the President on Economic and Trade Affairs, Mohamed Ali Janah, alongside his company MDV Re Investment LLC. The chairperson of the bank is his daughter, Aishath Noorain Janah, who also serves as Chairperson of MACL.
Speaking at the event, Maldives Monetary Authority (MMA) Governor Ahmed Munawar highlighted key goals for the financial sector:
Expanding Economic Share: The MMA aims to double the financial sector’s share in the national economy from its current 6 percent.
Banking Profits & Tax: Bank income tax accounted for 14 percent of total income tax revenue collected in 2025. However, $200 million in banking sector profits was remitted out of the Maldives over the past five years.
Localizing Leadership: Currently, 40 percent of top management positions in the banking sector are held by foreigners. The MMA aims to reduce this figure to 20 percent over the next five years, reserving 80 percent of senior leadership roles for Maldivians.
Governor Munawar noted that the central bank is working to amend banking laws to create a more favorable environment for Maldivian investors and create opportunities for youth in the financial sector.
