Finance
List of Commercial banks in the Maldives
The Maldives’ banking sector plays a crucial role in the archipelago nation’s economic landscape, facilitating financial intermediation, investment, and economic growth. With a diverse range of financial institutions, including commercial banks, Islamic banks, and non-bank financial institutions, the sector serves both local residents and the thriving tourism industry.
Navigating Growth and Challenges: The Future of Banking in the Maldives
The Maldives’ banking sector, regulated by the Maldives Monetary Authority (MMA), includes several commercial banks that offer a broad range of financial products and services for businesses, individuals, and government entities. These banks provide services such as deposits, loans, foreign exchange, trade finance, and electronic banking. Islamic banking, adhering to Sharia principles, has also gained prominence with products like Islamic financing and Takaful. The sector is crucial for the Maldives’ economic development by mobilizing savings, allocating capital, and supporting key industries like tourism and fisheries. However, challenges such as limited financial access in remote areas, cybersecurity risks, and economic vulnerability persist. These issues present opportunities for innovation, particularly through financial technology (FinTech). The sector is expected to grow, driven by demographic changes, technological advancements, and regulatory reforms, playing a key role in the country’s economic diversification and sustainable development efforts.
| Bank Name | Headquarters | Bank sector | Bank Revenue(MVR) | Bank Revenue(USD) | Contact Details |
| Bank of the Maldives | Male, Maldives | Public | 1.9 billion | 0.12 billion | Tel: +960 333 0200 |
| Maldives Islamic Bank | Male, Maldives | Public | 134.48 million | 8.72 million | Tel: +960 333 5555 |
| State Bank of India | Male, Maldives | Foreign | 3,641 Core | 236.21 core | Tel: +960 332 4079 |
| HSBC Maldives | Male, Maldives | public | 66.1 billion | 4.28billion | Tel: +960 333 4444 |
| Bank of Ceylon | Male, Maldives | public | 40.30 billion | 2.61billion | Tel: +960 332 7788 |
The Maldives banking sector is a vital engine of economic growth, facilitating financial intermediation, investment, and development. A diverse landscape of commercial, Islamic, and foreign banks offers a comprehensive range of financial services to individuals, businesses, and the government. While challenges such as financial inclusion and cybersecurity persist, the sector is demonstrating resilience through innovation and collaboration. As the Maldives pursues economic diversification and sustainable development, its banking sector is well-positioned for continued growth and evolution.
