The Bank of Maldives (BML) has disbursed loans to 89 fishermen registered in the national fishermen’s register.
According to the Ministry of Fisheries and Ocean Resources, the loans have been issued to fishermen since 1 May 2025.
Since taking office, the government has worked to formally recognise fishermen, including creating a national register and improving their access to state services and financing.
An agreement between BML and the Fisheries Ministry was signed on 28 April last year to provide financing to registered fishermen, with loans being issued starting in May.
The ministry said the loans are being distributed through the BML Fisherman Portal, a digital platform that allows registered fishermen to apply for Islamic financing. Fishermen can apply for financing for several purposes, including housing, higher education, vessel purchase or repair, and guesthouse business investment.
Eligible fishermen can obtain up to USD 19,455 in personal financing without collateral, equity, or a mortgage. The bank offers flexible repayment options that consider the seasonal nature of fishing income.
The government says the programme is part of efforts to develop and diversify the fisheries sector and strengthen it as a major income-generating industry.