AGP Executive Report
Last update: 3 hours agoIslamic Banking Push: Bank of Maldives (BML) has moved all new personal account openings and personal financing applications to Islamic banking principles under its “Islamic Finance First” strategy, with existing customers able to transition; BML says Islamic funds are fully segregated and conventional services remain available on request. Hulhumalé Mosque Project: President Dr. Mohamed Muizzu launched construction of the Sultan Mohamed Bin Abdullah Grand Mosque and Islamic Civilization Center in Hulhumalé Phase II, marking 900 years since Maldives embraced Islam; the Saudi-funded project is set to host up to 10,000 worshippers and includes an Islamic library, Quran museum and community facilities. Domestic Connectivity: Maldivian starts daily scheduled flights to Kudahuvadhoo from 17 September, with a promotional one-way fare of MVR 1,111; the route expands the airline’s domestic network to 18 airports. E-commerce FX Controls: BML introduced daily caps for rufiyaa card spending on international e-commerce, with limits resetting at 7am and a monthly allocation up to USD 16m, including category-based daily ceilings for major merchants. Bridge Incident Scrutiny: Malé City Council called for an inquiry and compensation after tanker collisions involving the Sinamale’ Bridge, urging government action on structural safety and clearer public information. Corporate Governance: FinExcel appointed Selim Barkat as chairman, bringing decades of banking and risk-management experience across South Asia and the US.
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