Maldives Finance and Leasing Company Pvt. Ltd. (MFLC), a leading non-bank financial institution in the Maldives, is pleased to announce that it has received banking license approval from the Maldives Monetary Authority (MMA), marking a significant milestone in its journey to becoming a full-service financial institution.

MFLC has served the Maldivian people for over 23 years, providing flexible financing solutions that support both personal and business growth. With this approval, MFLC becomes the first financing company in the Maldives to transition into a licensed bank, and the first licensed bank fully owned by a local private entity. This milestone paves the way for broadening its service offerings, creating new opportunities for customers, and expanding its reach across the country.

This strategic development underscores the confidence placed in the Company’s vision, governance framework, and its commitment to delivering innovative, inclusive, and digitally-enabled financial solutions in the Maldives.

“We are delighted to have received regulatory approval. This milestone brings us closer to serving the Maldivian community with a new, agile, and customer-centric banking experience.”, said Ibthishama Ahmed Saeed, CEO and Managing Director of MFLC.

We remain committed to serving our vision of adding value to our stakeholders and remain affirmative in our mission to provide dedicated customer service by offering innovative finance and leasing solutions whilst maintaining a sustainable competitive advantage.

Maldives Finance and Leasing Company Pvt. Ltd. (MFLC), established in 2001, plays a pivotal role in the Maldivian financial landscape. Originally conceived as a strategic initiative to diversify the nation's financial sector, MFLC has evolved into a comprehensive provider of financial solutions. Operating under the regulatory purview of the Maldives Monetary Authority (MMA), MFLC offers a diverse portfolio including finance leases, micro-leases, housing loans, and corporate loans and leases.