Business

MIB appoints new Chairman and CEO

Published

1 year ago

02/11/2022

aldives Islamic Bank (MIB) has appointed Kazi Abu Muhammad Majedur Rahman as the Chairman and Mufaddal Idris Khumri as the Chief Executive Officer (CEO).

Majedur Rahman replaces Najmul Hassan, who served as the Chairman since 2012. MIB stated the succession effectively concludes the term of Najmul Hassan as the Chairman and as a Non-Executive Director of the Board

Majedur Rahman has been a member of the Board since 2021 and will also continue to serve as an Independent Director of MIB following this appointment. He is a seasoned banker and an experienced capital market professional. He has worked extensively in strategic business transformation, operational and credit risk management, consumer banking, trade finance, treasury, audit, fintech, HR, governance and stakeholder relationships in Bangladesh, Middle East, Africa and Australia.

Furthermore, Mufaddal is a seasoned banker with more than 25 years of banking experience in key business and support roles including retail banking and product management. He possesses over 17 years of Islamic banking experience with proven track record in areas of consumer and corporate banking, treasury, wealth management, takaful and Islamic product management.

Mr. Mufaddal Idris Khumri has been appointed as the new Chief Executive Officer of Maldives Islamic Bank PLC

Prior to joining MIB, Mufaddal was the Head of Retail Assets Business of Saudi National Bank, based in Dubai, UAE. He also served as Director of Retail Banking at National Bank of Ras Al Khaimah, UAE. He worked in various management capacities both in India and abroad, in roles such as Head of Islamic Banking, Senior Vice President, Assistant General Manager, Product Manager, Chief Manager, Director and Head of Retail Banking.

Following the appointment, Mufaddal said it was a privilege to be associated with MIB, as it is an institution that has been the pioneer of Islamic banking in the Maldives. He said he looks forward to working closely with its customers, shareholders, board of directors and staff members. He said the bank’s focus would remain on enhancing customer service, developing its digital footprint and offer solutions spanning retail, payments, trade and corporate banking.

Source(s): PSM News

Business

Discussions held on exempting tariff from Maldivian fish exports to Türkiye

Published

2 days ago

29/11/2023

Maldivian Foreign Minister Moosa Zameer has revealed that discussions were held on Tuesday, regarding exempting duty levied on fisheries products imported to Türkiye from the Maldives.

Minister Zameer said the discussion took place during a meeting between Maldivian President Dr. Mohamed Muizzu and Türkiye’s Deputy Minister of Trade Mustafa Tuzcu as part of the ongoing official visit to President Muizzu to Türkiye.

Zameer said easier access for Maldives fish products to Türkiye market was also noted during the meeting. At the same time, discussions also focused on opportunities for enhancing trade and cooperation between the Maldives and Türkiye, including removing the tariff on Maldivian fish exports to Türkiye.

Discussions focused on exploring new areas of cooperation, such as tourism, construction, and renewable energy generation. They also addressed enhancing partnerships in existing areas of cooperation, both bilateral and multilateral.

He expressed confidence that Maldives-Türkiye relations will reach new heights through greater trade cooperation.

The meeting was also attended by other cabinet ministers accompanying President Muizzu in his ongoing visit. During the meeting, the President expressed his desire to deepen bilateral cooperation in commerce and investment between the Maldives and Türkiye. The President underscored the Maldives’ eagerness to explore opportunities for increased trade and investment with Türkiye, emphasizing that the aspirations for greater national development resonate deeply with the Maldivian people.

He also suggested increasing Turkish Airlines flights to the Maldives, considering the nation’s potential as a hub connecting the West to the East.

In conclusion, the President expressed optimism that Maldives- Türkiye cooperation would reach new heights during his tenure.

During the visit, the President also met with the Maldivian community residing in Türkiye where he pledged to work on remedying difficulties faced due to the dollar limit imposed on Bank of Maldives (BML) cards.

President Muizzu also called on the Turkish president Recep Tayyip Erdoğan.

Source(s): sun.mv

Business

Sri Lanka to sign FTA with Thailand in February: Colombo

Published

1 week ago

21/11/2023

COLOMBO, Nov. 21 (Xinhua) — Sri Lanka plans is expected to sign the Sri Lanka-Thailand Free Trade Agreement (FTA) in February 2024, Sri Lanka’s cabinet spokesperson Bandula Gunawardena told reporters on Tuesday.

At a press conference, Gunawardena said the agreement will be signed following the completion of negotiations by December 2023.

The cabinet has approved the free trade agreement, which will see 80 percent of tariff lines liberalized over 15 years, he said.

Sri Lanka is Thailand’s fourth-largest trading partner in South Asia, and Sri Lanka’s main exports to Thailand include gems, jewellery, tea, spices, fiber and metal products, according to official data.

In 2021, Sri Lanka imported goods from Thailand worth 355 million U.S. dollars and exported 59 million dollars’ worth of commodities to Thailand, according to official data.

Source(s): Xinhua

Business

Fenaka slapped with MVR 4M fine

Published

2 weeks ago

19/11/2023

Fenaka Corporation has been slapped with MVR 4 million fine for building power houses at 21 islands without completion of the Environment Impact Assessment (EIA) process.

In a statement on Sunday, Environment Protection Agency (EPA) said they investigated Fenaka for building powerhouses at 21 islands without completing the EIA process. Following their investigation, EPA said they have fined Fenaka by MVR 4,200,000.

EPA’s statement read that information received during the investigation and the documents exchanged between the two parties established that physical works on the powerhouses commenced without completing the EIA process.

They also noted that Fenaka had been previously fined for violating the regulations of EIA.

The 21 islands where physical works on the powerhouses commenced without completion of EIA are;

HDh. Finey
HA. Uligan
HA. Utheemu
GDh, Maavarulu
Sh. Feydhoo
Sh. Maaungoodhoo
HA. Dhidhdhoo
R. Rasgetheemu
R. Kinolhas
N. Kendhikulhudhoo
HA. Muraidhoo
Sh. Komandoo
N. Fodhdhoo
Sh. Kurendhoo
HDh. Kulhudhuffushi
HDh. Kumudhoo
Dh. Meedhoo
L. Maabaidhoo
HA. Molhaidhoo
GDh. Rathafandhoo
GA. Villingilli
Fenaka Has been instructed by EPA to settle the fine within 30 days, starting today.