Bank of Maldives (BML) has launched a comprehensive suite of Sharia-compliant financing solutions under its newly rebranded subsidiary, SME Digital, just four months after acquiring and transitioning from the former SME Development Financing Corporation (SDFC).
Recognising SMEs as the backbone of the Maldivian economy, from home-based businesses to rapidly expanding guesthouses and women-led enterprises, the initiative addresses one of the sector’s most pressing challenges, which are timely and accessible financial support.
SME Digital’s innovative framework offers tailored, ethical financing options aligned with Islamic principles, ensuring inclusivity and sustainability for entrepreneurs across all stages of business development. The platform now stands as the Maldives’ most holistic SME financier, delivering purpose-driven financial products across tourism, manufacturing, services, digital content creation, and domestic enterprises.
Start-ups and micro-businesses can access financing of up to USD 6,485, while women entrepreneurs benefit from unsecured loans of up to USD 16,213 promoting gender-inclusive economic growth. For scaling operations, businesses can receive up to USD 324,254 for expansion or property acquisition, with USD 64,851 available without collateral. Vessel financing of up to USD 324,254 supports the marine-based livelihoods vital to island communities.
Acknowledging the rise of the digital economy, SME Digital has introduced a specialised facility of up to USD 32,425 for content creators and photographers of which USD 9,728 requires no collateral for purchasing essential equipment.
In a strategic move to strengthen the tourism sector, the scheme offers up to USD 648,508 for expanding guesthouses with more than six rooms, and up to USD 97,276 for new homestays or small guesthouses (up to five rooms) and existing micro-tourism businesses.
According to SME Digital CEO Badruddeen Hassan, the aim is to democratise access to finance and deliver the right financial solution at every stage of an entrepreneur’s journey, whether it starts at home or grows into a major enterprise.
To date, SME Digital has extended support to thousands of Maldivian entrepreneurs, marking a transformative step toward an inclusive, resilient, and Sharia-compliant financial ecosystem.