‘Maha Manfaa’ Financing Rolled Out for Fisheries SMEs

The Ministry of Fisheries and Ocean Resources, in collaboration with SME Digital, has introduced a new financing facility aimed at strengthening the production of value-added fish products in the Maldives. Named ‘Maha Manfaa’, the scheme is structured in accordance with Islamic financing principles and targets small and medium enterprises (SMEs) operating within the fisheries sector.

The initiative seeks to make financing more accessible for small businesses, particularly those involved in processing fish through cooking and drying, with the goal of helping them enter markets more effectively. Financial assistance under the scheme will also support the establishment of value-addition facilities across the country, improve packaging processes, and introduce systems designed to prevent fish spoilage, thereby enhancing overall product quality.

Eligible businesses can access financing ranging from MVR 50,000 to MVR 400,000 without the requirement for collateral. The funds can be used to purchase essential equipment, machinery, facilities, and other goods related to fish processing and value addition. To ease repayment pressures on SMEs, the scheme offers a repayment period of up to seven years, including a six-month grace period. The financing carries an annual profit rate of six percent, currently the lowest rate available to fishermen in the Maldives.

Speaking on the launch of the scheme, SME Digital CEO Badruddin Hassan described the initiative as a major step toward strengthening the fisheries industry and expanding the role of small businesses. He noted that the facility is expected to open new opportunities for enterprises producing fish-based products, improve productivity, and raise product standards. According to Hassan, the scheme is also expected to enhance profitability for fishermen, support export growth, and promote Maldivian fish products in international markets.

The Ministry of Fisheries and Ocean Resources and SME Digital have already provided financial assistance to several entities over the past two years to support the development of small businesses in the reef fishery sector, reflecting continued efforts to diversify and grow the industry.

Applications for the ‘Maha Manfaa’ financing scheme will open on December 13, 2025, and can be submitted through the SME Portal on the SME Digital website at www.smedigital.mv.