BFIN hosts 5-day exposure visit programme for Nepali bankers in Maldives

KATHMANDU: Banking Finance and Insurance Institute of Nepal (BFIN) hosted the exposure visit programme in banks, insurance and capital market institutions in Maldives from December 5 to 9. The programme was held in collaboration with Maldives Capacity Development and Governance Institute (MCDGI). The programme was 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. As the banking and insurance industry 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 MCDGI conducted a five-day programme to help delegates learn about the most emerging issues, challenges, and development in the banking, insurance and capital market sectors in Maldives. At the opening ceremony of the programme, chief guest Fazeel Najeeb, former Governor of the Maldives Monetary Authority, expressed his pleasure for such an event in the Maldives. He congratulated BFIN and MCDGI for their collaborative efforts and wished a grand success of the programme. In his deliberation, 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 with the world community. He suggested, "At times of difficulty, there always lies an opportunity to move forward. Money circulation keeps the economy moving. Therefore, during crisis policymakers must make smart decisions." On the occasion, 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 the 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. Binod Atreya, Managing Director of BFIN, highlighted that the importance of the study visit is to explore the financial sector development of Maldives, which has a strong tourism base and unique geography of around 1,190 islands.  This visit is also to explore business expansion as many Nepalis 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 Finance Minister of Maldives; Mufaddal Idris Khumri, CEO of Maldives Islamic Bank; Sujatha Haleem, CEO of Pension Administration Office; Abdul Wahid Thowfeeq, Co-founder and Chairman of Dhivehi Insurance; and Ahmed Ameel, Managing Director of Dhivehi Insurance; Mohamed Hussain Maniku, CEO of CMDA; and Aushan Latheef, Managing Director and CEO of Maldives Stock Exchange Company. 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 programmes in Maldives, Nepal and other countries in their network; join together in research and consulting areas; invite resource persons from both countries while organising 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 programme for the Nepali bankers. Delegates praised the hard work done by BFIN and MCDGI and noted that this observation visit has given them an in-depth knowledge of the financial landscape of Maldives and an understanding of the market base for business expansion. All these learnings will be reported back to their higher authority upon return. The seven-member delegates included three delegates from Kumari Bank, three from Himalayan Bank and the Managing Director of BFIN. READ ALSO:

• Banks in Nepal must improve on their governance
• Dividends declared by commercial banks listed in NEPSE
• 'Most govts and central banks are working together for faster recovery of economy'