SME Digital Opens Islamic Micro Financing Applications Under MISFI, Offering Up to MVR 100,000 at the Maldives' Lowest Rate of 2.5%

SME Digital has officially opened applications for Islamic Micro Financing, marking the first product introduced by Bank of Maldives under the Maldives Islamic Social Financing Initiative (MISFI), and offering a meaningful new pathway for underserved individuals and businesses to access formal financing for the first time.

The product offers financing of up to MVR 100,000 at a financing rate of just 2.5%, the lowest rate available in the Maldives, making it an exceptionally accessible option for those who have traditionally struggled to secure financing through conventional banking channels. To support business stability and sustainable growth, the financing tenor is extendable for up to 10 years, complete with a grace period of up to 12 months and flexible terms that include zero application or processing fees, removing common cost barriers that often discourage micro and small business owners from seeking formal financing.

Designed for the Underserved

Islamic Micro Financing is specifically targeted at individuals and businesses who face challenges in accessing finance through the traditional banking system, including micro, small, and start-up businesses that may not meet the eligibility requirements of conventional lending products. Structured in full accordance with Islamic principles, the financing is specifically open to individuals who have not previously received financing from any bank or financial institution, ensuring the product genuinely reaches first-time borrowers and those who have historically been excluded from formal financial services.

Through this initiative, SME Digital aims to strengthen financial inclusion by bridging the gap between underserved communities and the formal financial sector, helping remove the barriers that have long prevented access to essential banking services for many Maldivians.

A Step Towards a More Accessible Financial System

Commenting on the launch, Badhurudheen Hassan, CEO of SME Digital, said, "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 formalize, strengthen their operations, and progress sustainably."

How to Apply

Applications for Islamic Micro Financing are now open through the SME Portal at www.smedigital.mv, giving eligible individuals and businesses a clear and accessible route to apply for financing and take their first meaningful step into the formal financial system.