SME Digital has announced that customers may now convert all existing conventional loans into Shariah-compliant Islamic financing facilities, as part of its broader transformation into a fully Shariah-compliant financial institution.
The company stated that the initiative forms part of a phased transition that commenced in October 2025. During the first phase, priority was given to customers facing repayment challenges due to various circumstances. SME Digital confirmed that a significant number of facilities have already been converted in accordance with Islamic financing principles.
The opportunity has now been extended to all customers with existing facilities.
Under the revised framework, customers may convert conventional loans into Shariah-compliant facilities, restructure existing financing arrangements, adjust monthly repayment amounts, extend repayment periods, and regularise overdue facilities in accordance with Shariah-permitted procedures. The company emphasised that all restructuring measures will be implemented in strict adherence to Islamic financial principles, ensuring full compliance with recognised Shariah standards.
SME Digital has begun issuing refinancing offers through the SME Portal to customers who have not yet received conversion proposals. The transfer of facilities will be completed once a customer formally accepts the offer through the portal.
Following acceptance, SME Digital representatives will contact customers to provide detailed information regarding revised terms and facility adjustments.
The transition marks a significant step in SME Digital’s institutional restructuring, aligning its financing model with Islamic banking principles while offering relief and flexibility to small and medium-sized enterprises across the Maldives.