SME Degital Unveils Micro Financing of Up to MVR 100,000 to Empower Small Businesses

The SME Degital announced the introduction of micro financing of up to MVR 100,000 under its new Micro Financing product, rolled out as part of the Maldives Islamic Social Financing Initiative (MISFI), in a move aimed at expanding access to affordable capital for small businesses and aspiring entrepreneurs.

BML said the Shari’ah-compliant facility will be offered at a concessional rate of 2.5 percent and has been designed to be affordable, easily accessible and available over an extended tenure to support sustainable business operations. Repayments can be made over a period of up to 10 years, including a grace period of up to 12 months, providing flexibility for businesses during their initial growth phase.

Applications for the financing will open next month through SME Digital, BML’s Shari’ah-compliant subsidiary. The bank confirmed that no application or processing fees will be charged, further reducing barriers for potential applicants. The financing can be utilised for a range of purposes, including establishing new businesses and expanding existing operations.

Commenting on the launch, Mohamed Shareef, Chief Executive Officer and Managing Director of BML, said the bank is proud to lead the advancement of Islamic social financing in the Maldives through the introduction of what he described as a pioneering product. He noted that BML’s broader objective is to help shape a financial system that creates meaningful opportunities for all segments of society.

“This is an investment aimed at enabling individuals to reach their full potential and transforming small businesses into sustainable enterprises,” Shareef said. “The impact of this initiative will extend beyond individual entrepreneurs, contributing to national development and strengthening the foundations of a resilient economy.”

According to BML, the micro financing product is specifically targeted at individuals who may not typically qualify for conventional banking services, including new entrepreneurs and those who face persistent challenges in accessing finance. The bank emphasized that by strengthening the link between individuals and the formal financial sector, the initiative will help address community needs while promoting inclusive and equitable economic growth across the Maldives.