Ahmed Ali has stepped down from his position as a Board Member of the Maldives Development Bank. The Privatization and Corporatization Board (PCB) confirmed that Ahmed Ali, appointed to the Bank’s board under the name M. Wayside Ahmed Ali, submitted his resignation on Wednesday, and it has since been accepted.
Ahmed Ali previously served as Assistant Commissioner General of the Maldives Inland Revenue Authority (MIRA). His professional experience also includes serving as a Board Member of Maldives Islamic Bank and as a Senior Partner for Tax at S&A Lawyers LLP. He holds academic qualifications in both Accounting and Sharia Law, and has completed a Master of Science in Finance.
The Development Bank, inaugurated on November 16, 2024, was established with the aim of financing strategic national projects. However, it has yet to commence full-scale operations.
Ahmed Ali’s resignation comes shortly after the Bank’s Managing Director and Chief Executive Officer, Noel Gregor Peterson-Jones, resigned from his position on March 23. With two key figures departing within weeks of each other, the future direction and operational readiness of the Development Bank remain uncertain.