Ex-Finance Minister Dr Shafeeq Appointed to HDFC Board

Former Minister of Finance, Dr Mohamed Shafeeq, has been appointed to the Board of Directors of the Housing Development Finance Corporation (HDFC). HDFC, which operates under a mandate to provide specialised housing finance, including home loans and other savings and investment products, aims to support affordable housing and homeownership in the country.

The appointment of Dr Shafeeq was made by the Privatization and Corporatization Board (PBC). Dr Shafeeq’s appointment to its board was effective from 2 December, according to HDFC.

Dr Shafeeq previously served as the first Finance Minister under President Dr Mohamed Muizzu’s administration. He assumed the role of Finance Minister on 17 November 2023 and resigned from his post on 30 September this year. Prior to his tenure as Finance Minister, Dr Shafeeq held the position of Chief Financial Officer (CFO) at HDFC.

HDFC was incorporated in 2004 by a Presidential Decree under the Companies Act. The corporation commenced its commercial operations on 29 March 2004 with 100% shareholding by the Government of Maldives. In 2008, HDFC was privatised, with the Asian Development Bank (ADB), the International Finance Corporation (IFC), and HDFC Bank Ltd. (previously known as HDFC Investments Ltd – India) holding 51% of the shares, while the Government of Maldives retained 49% of the shares.