Issuers
Maldives Islamic Bank
Board Members
Kazi Abu Muhammad Majidur Rahman
Chairman and Non-Executive Independent Director
Nasser Mohammed Al-Thekair
Non-Executive Director
Ahmed Ali
Non-Executive Independent Director
Rajiv Nandlal Dvivedi
Non-Executive Independent Director
Moez Baccar
Non-Executive Director
Osman Kassim
Non-Executive Director
Ahmed Shafeez
Non-Executive Director
Mufaddal Idris Khumri
Managing Director & Chief Executive Officer
Ali Wasif
Executive Director / Chief Financial Officer
Board Committees
Board Audit Committe (BAC)
3 Members
The Board Audit Committee (BAC) has been formulated as per clause 1.8, Part 2 of the Corporate Governance Code. The primary role of the BAC is to assist the Board in fulfilling its oversight responsibilities in areas concerning the integrity of financial reporting, the effectiveness of internal audit function and internal control systems, frameworks as well as consideration of ethics and compliance matters.
Members of the committee
Ahmed Ali
Moez Baccar
Ahmed Shafeez
Board Risk and Compliance Committee (BRCC)
2 Members
The Board Risk and Compliance Committee (“BRCC”) is responsible for ensuring the continuous oversight of the risks embedded in the Bank’s operations. The Committee advises the Board in relation to current and potential future risk exposures of the Bank and future risk strategy including the determination of risk appetite and tolerance. The BRCC also ensures the effective management of compliance, operational, market, reputational and liquidity risk throughout the Bank in support of the strategy and framework approved by the Board.
Members of the committee
Nasser Mohammed Al-Thekair
Ahmed Shafeez
Board Nomination and Remuneration Committee (BNRC)
3 Members
The Board Nomination and Remuneration Committee (“BNRC”) was established in accordance with Section 1.8, Part 2 of the Corporate Governance Code and as per Articles of Association of the Bank. The committee is governed by the Terms of Reference (“ToR”) approved by the Board. The Nomination Committee and Remuneration Committee is combined as one to facilitate effective and efficient discharge of the duties in consideration to the mandate and functions of the two committees.
The Committee was established by the Board of Directors on 11th March 2019. The Committee started its function after conversion of the Bank to a Public Limited Company and had its first meeting on 24th July 2019. The committee was reconstituted by the Board of Directors twice during the financial year 2022.
Members of the committee
Rajiv Nandlal Dvivedi
Nasser Mohammed Al-Thekair
Osman Kassim
Board Investment Committee (BIC)
4 Members
The Board Investment Committee (“BIC”) is responsible for review and approve the Bank’s financing exposures and investment portfolios.
The Committee was established by the Board of Directors on 20th December 2022.
Members of the committee
Rajiv Nandlal Dvivedi
Osman Kassim
Moez Baccar
