Our Board of Directors
Our vision to add value to our customers and stakeholders through service excellence is supported by our leadership. The unwavering dedication from the leadership to this philosophy, cascades down the organization hierarchy to define a culture of steadfast service and growth, delivered through our employees across the organization.
The present board is comprised of Directors who are eminent professionals in their chosen fields of expertise, allowing invaluable collective insight.
Mr. Lars Eugen Petre
Chairman of the Board
Appointed as the Chairperson of MFLC on June 14, 2014, Mr. Lars Petre represents the major shareholder of the company. Mr. Lars Petre has 45 years of experience in the tourism and travel industry. A pioneer investor in the Maldives tourism industry, his investments in the Maldives span partnerships with Kuredu, Komandoo, Hurawalhi, Kudadoo, and Innahura resorts together with the soon to open Jawakara islands. Prior engagements of Mr. Lars include being a shareholder and Board Director of Trans Maldivian Airways (TMA) – developing the operations to become the largest seaplane fleet in the world. Internationally, Mr. Lars Petre has investments in the Seychelles, where he is a partner in Hilton Northolme Resort and Spa and the Doubletree by Hilton Seychelles Allamanda Resort and Spa.
Ms. Ibthishama Ahmed Saeed
CEO & Managing Director
Ms. Ibthishama Ahmed Saeed took the roles of Managing Director and CEO on September 01, 2021. Prior to her assignment, she has been serving as a Board Director since January 01, 2021, representing the major shareholding company. Ms. Ibthishama Ahmed Saeed has a career approaching two decades of executive service across various industries, serving banking, aviation, hospitality, and health industries. Her previous Board Directorship appointments involve from 2015 to 2019, serving the Bank of Maldives, sitting in the Board Credit Committee, and similarly in the Appointment and Remunerations Committee. Similarly, she also served as the Chairperson of Maldives Tourism Development Corporation from 2015 to 2016. Ms. Saeed holds a Master of Arts in Marketing Communication from the University of Westminster, United Kingdom, and a Bachelor of Commerce from Kerala University, India.
Mr. Sunil Balakrishnan
Non-executive/
Non-Independent Director
Mr. Sunil Balakrishnan is a non-executive, non-independent director of MFLC and was appointed to the Board on June 14, 2014, to represent the majority shareholder. Mr. Balakrishnan is a Chartered Accountant by profession. Having commenced his career in the Maldivian tourism industry through Reethi Rah Resort, Mr. Balakrishnan joined KASA Holdings Pvt. Ltd in 2000 to gain broad experience across various industries and the local economy structured heavily on the performance of tourism sector performance. Counting over two decades of service, Mr. Balakrishnan presently serves the full-time position of Chief Financial Officer (CFO) of KASA Holdings. Mr. Balakrishnan holds a degree in Mathematics, graduating from Mahatma Gandhi University, Kerela, India. Mr. Balakrishnan does not hold a directorship position in any other company.
Mr. Chandrapala Meranchi Abeysekera
Non-executive/
Non-Independent Director
Mr. Chandrapala Meranchi Abeysekera is a non-executive, non-independent director of MFLC and was appointed to the Board on June 14, 2014, to represent the majority shareholder. Mr. Abeysekera is a retired banker with over 40 years of commercial banking experience and having served MFLC as the CEO and Managing Director. Prior to his appointment at MFLC. He was the Assistant General Manager-Corporate Banking and International Banking of Commercial Bank of Ceylon Plc (CBC), Sri Lanka. Mr. Abeysekera was also in charge of the CBC loan portfolio in the Maldives since 1999. Mr. Abeysekera holds a Diploma in Bank Management from the Bankers Institute of Sri Lanka and is an Associate of the Institute of Bankers of Sri Lanka. Mr. Abeysekera does not hold a directorship position in any other company.
Dr. Ibrahim Vishan
Non-executive/
Non-Independent Director
Dr. Ibrahim Vishan was appointed to the Board of Directors of MFLC as a non-executive, non-independent director on April 09, 2014, by the major shareholder of the company. Dr. Vishan has an academic background in tourism and business economics, having completed his education through to doctorate in the UK in 2013. He has previously worked as Manager of Research and Development within the Maldives Association of Tourism Industry (MATI), which represents over 70 resort businesses and tourism operators where interactions such as the IMF, World Bank, Government Ministries, private sector businesses, NGOs, and local communities; has given him insight into various stakeholder issues in the Maldives. Currently, Dr. Vishan is the Managing Director of Champa Brothers Maldives Pvt. Ltd. Managing a diverse portfolio including leasing and banking, healthcare, media, telecommunications, resorts and hotels, commercial and residential real estate, aviation, and marine transportation, logistics, fuel, and online travel technology.
Our Executive
Committee
We are committed to a long-term management model, observing all tenets of good corporate governance and compliance to maintain excellent financial and capital ratios. Our Executive Committee members involved in the management are as follows:
Ms. Ibthishama
Ahmed Saeed
CEO & Managing Director
Ms. Ibthishama Ahmed Saeed took the roles of Managing Director and CEO on September 01, 2021. Prior to her assignment, she has been serving as a Board Director since January 01, 2021, representing the major shareholding company. Ms. Ibthishama Ahmed Saeed has a career approaching two decades of executive service across various industries, serving banking, aviation, hospitality, and health industries. Her previous Board Directorship appointments involve from 2015 to 2019, serving the Bank of Maldives, sitting in the Board Credit Committee, and similarly in the Appointment and Remunerations Committee. Similarly, she also served as the Chairperson of Maldives Tourism Development Corporation from 2015 to 2016. Ms. Saeed holds a Master of Arts in Marketing Communication from the University of Westminster, United Kingdom, and a Bachelor of Commerce from Kerala University, India.
Mr. Ahmed Sinan
Chief Operations Officer
Ahmed Sinan joined MFLC in 2021, having gained over a decade of experience serving across various senior position roles in public institutes and private entities, helping structure investments and strategies for business development. Sinan holds a Bachelors of Banking and Finance and a Bachelors of Computing from Monash University Australia.
Mr. Ali Athif
Chief Risk Officer
Ali Athif is a finance professional with a decade of experience in public finance, risk management, and economic policy advisory. His expertise covers debt management, credit analysis, and regulatory compliance. He contributed to economic policy in senior roles at the President’s Office, Ministry of Finance, and Maldives Monetary Authority. Athif holds a Master of Applied Finance from Macquarie University and a Bachelor of Business from Victoria University.
Ms. Fathimath
Mohamed Faiz
Chief Credit Officer
Fathimath Mohamed Faiz began her career at MFLC in 2014 as a Marketing Executive, with initial responsibilities focused on credit evaluations. She progressively transitioned to developing a robust Risk Management framework within the organization. Her dedication to MFLC is evident in her advancement through several positions, resulting in her most recent role as Chief Risk Officer. Fathimath holds a Bachelor of Business Management and Marketing from Maldives National University and a Master of Business Administration and Finance from the University of Bedfordshire, UK. She is currently pursuing the Chartered Banker professional qualification.
Mr. Yamyn Adam
Chief Compliance Officer
Yamyn Adam joined MFLC in 2022, having acquired over two decades of experience serving in the Maldivian financial services industry. With broad experience gained across international business transactions, cross-border fund transfers and various other banking and finance functions,Yamyn provides insightful perspectives from his broad experience and advocates for highest standard of compliance while leading adoption of best practices to overview MFLC compliance measures.
Ms. Hawwa Nabeela
Company Secretary
Hawwa Nabeela joined MFLC in 2021, having previously served Tree Top Health Pvt. Ltd in the capacity of Business Development and Marketing. With previous career experience in the financial services sector of Maldives, Nabeela brings in her strengths of insight through her administration and understanding of business model. Nabeela is presently pursuing her Master of Laws in Commercial Law from UWE Bristol, having previously graduated from Keele University; UK.