SME Digital opens applications for Islamic micro financing facility
SME Digital has opened applications for Islamic Micro Financing, the first product introduced by Bank of Maldives under the Maldives Islamic Social Financing Initiative (MISFI).
The product offers financing up to MVR 100,000 at a financing rate of 2.5%, the lowest rate in the Maldives. To ensure business stability, the financing tenor is extendable for up to 10 years with a grace period of up to 12 months and features flexible terms, including zero application and processing fees.
Islamic Micro Financing is targeted at individuals and businesses who face challenges in accessing finance through the traditional banking system, including micro, small, and start-up businesses. Structured in accordance with Islamic principles, this financing is specifically open to individuals who have not previously received financing from any bank or financial institution. Through this initiative, we aim to strengthen financial inclusion by bridging the gap between underserved communities and the formal financial sector, helping remove barriers that prevent access to essential banking services.
CEO of SME Digital, Badhurudheen Hassan, states, “Our objective with Islamic Social Financing is to provide financing opportunities for individuals and businesses who are not eligible for financing through the traditional banking system, and to build a more accessible financial system. By expanding access, we aim to create pathways for individuals to demonstrate their potential and unlock new growth opportunities. This initiative is expected to encourage the development of new startups and provide a significant boost for informal and home-based micro businesses to formalise, strengthen their operations, and progress sustainably”.
Applications for Islamic Micro Financing is now open via the SME Portal at www.smedigital.mv.
