MOU between BFIN and Maldives Capacity Development and Governance Institute (MCDGI)

KATHMANDU: Banking Finance and Insurance Institute of Nepal (BFIN), Nepal inks partnership with Maldives Capacity Development and Governance Institute (MCDGI), Maldives, and successfully hosted an exposure visit for Nepalese Bankers in Maldives

BFIN and MCDGI collaborated to host the “Exposure Visit program in Banks, Insurance and Capital market institutions in Maldives” scheduled from 5-9 December 2022. This is the first of its kind to “Experience the beauty of Maldives with powerful deliberation from the CEOs and professionals from the financial sector of Maldives”. The program concluded on 9^th December 2022.

The Banking and Insurance industry in the 21st century is operating in an environment that requires top bank professionals to possess a good combination of hard banking knowledge and skills, exceptional leadership qualities, and amiable interpersonal attitudes for the success of the BFIs industry today. Regional Experiences offer new knowledge and ideas that help in exploring new innovative models for operations.

In this light, BFIN in association with the MCDGIconducted a five-day “Exposure Visit in Banking, Insurance, and Capital Markets in the Maldives” and helped delegates learn about the most emerging issues, challenges, and development in the Banking, Insurance and Capital Market sectors in the Maldives.

At the opening ceremony, the chief guest Fazeel Najeeb, the former Governor of the Maldives Monetary Authority, expressed happiness for organizing such an event in the Maldives. He congratulated BFIN and MCDGI for their collaborative efforts and wished a grand success of the program. In his deliberation, Dr.Najeeb highlighted that stability of the financial sector, adequate forex reserve to support the import-based economy, and price stability are important features of a sustainable economy. Maldives, in this respect, has been a success story to share to the world community. He suggested that at times of difficulty, there lies always an opportunity to move forward. Money circulation keeps the economy moving. Therefore, during crisis policymakers must make smart decisions.

Fathimath Shafeega, Founder of MCDGI extended her warmest welcome to the BFIN Team and sincerely hoped that all participants, through the trip, could deepen their understanding of the financial Institutions of Maldives.  She appreciated the opportunities given by BFIN to host this high delegation from Nepal. She highlighted the importance of such collaboration in the SAARC region and noted that along with the learning such activities would explore more economic and investment opportunities and strengthen the mutual relationships between the two countries in the region. Finally, she wished that the delegates will have an enjoyable stay and fruitful time in the Maldives.

BinodAtreya, Managing Director of BFIN, highlighted that the importance of the study visit is to explore the financial sector development of the Maldives, which has a strong tourism base and unique geography of around 1190 islands.  This exposure visit is also to explore the business expansion since many Nepalese are working in the Maldives now. The growth of technology and the entry of new generations into the financial market require industries to manage their talent in a professional manner. Therefore, training, conference observation visits, upskilling and reskilling have greater importance than before; and will be a great force in HR management in the future. Learning and development are important for all economies and countries regardless of size. Economic integration and inclusion are key to sustainable development. Therefore, this visit is planned to observe the economic success of Maldives, develop a network of relationships and explore further areas of collaboration and cooperation between the two countries.

Delegates were privileged to learn and listen from Ahmed Munawar, Former Minister of Finance, Ministry of Finance, Maldives, MufaddalIdrisKhumri / Chief Executive Officer of Maldives Islamic Bank, Sujatha Haleem, Chief Executive Officer, Pension Administration Office, Abdul Wahid Thowfeeq, Co-founder and Chairman, Dhivehi Insurance and Ahmed Ameel, Managing Director, Dhivehi Insurance, Mohamed HussainManiku, CEO, CMDA AushanLatheef, Managing Director and Chief Executive Officer of Maldives Stock Exchange Company Pvt. Ltd.

The team also participated in the afternoon session on Upscaling renewable energy investments at the Maldives Conference and met the Maldivian business community and state-owned enterprises.

BFIN and MCDGI entered into a strategic partnership agreement whereby both the institutions will collaborate together in hosting training programs in Maldives, Nepal and in other countries of their network; join together in research and consulting areas; invite resource persons from both countries while organizing international conferences and seminars, and support each other in strengthening the relationships between two countries and help strengthen the economies of both countries.

BFIN also extended an honorary Membership to MCDGI for a year in recognition of their hard work and professionalism rendered in hosting this program for Nepalese bankers. Delegates praised the hard work done by the BFIN and MCDGI and noted that this observation visit has given them an in-depth knowledge of the financial landscape of the Maldives and an understanding of the market base for business expansion. All these learnings will be reported back to their higher authority upon return. 7 delegates including three delegates from Kumari Bank Limited, three delegates from Himalayan Bank Limited, and the Managing Director of BFIN took part in meetings and discussions in this program.