BML introduces Islamic micro‑financing under MISFI to support small businesses

The Bank of Maldives (BML) has launched the country’s first Islamic micro‑financing product, introduced under the Maldives Islamic Social Finance Initiative (MISFI).

The new facility offers financing of up to MVR 100,000 at a 2.5 percent rate, the lowest financing rate currently available in the Maldives, according to BML. Repayments can be made over a period of up to 10 years, including a grace period of up to 12 months. The bank noted that the product carries no application or processing fees.

BML said the micro‑financing option is designed to provide affordable, long‑term financial access for small businesses, including start‑ups and individuals who face challenges obtaining traditional banking services. The financing can be used for various purposes, such as starting or expanding a business.

BML CEO and Managing Director Mohamed Shareef said the bank is proud to introduce a product that supports inclusive and sustainable economic growth.

“Our goal is to shape the financial system to provide green opportunities for all. This is an investment that helps people reach their full potential and supports the sustainability of small businesses,” Shareef said, adding that the initiative will benefit communities across the country and strengthen the foundation of a sustainable economy.

BML said the product aims to strengthen the relationship between individuals and the financial sector by offering Sharia‑compliant, accessible financing to those traditionally underserved.

Applications for the new micro‑financing product will open in January through SME Digital, BML’s Sharia‑compliant subsidiary.