The SME Development Finance Corporation (SDFC) on Sunday announced the launch of ‘Thijarah Rashu Fathuru’, a dedicated Islamic financing product designed specifically for the local tourism sector.
According to SDFC, this product, which is the first financing opportunity introduced under SDFC Thijarah, aims to support small and medium-scale businesses in the local tourism industry by providing access to financial resources in full compliance with Shariah principles.
SDFC said that through this facility, both new startups and existing businesses can secure the funds they need to expand and elevate their contributions to the Maldives’ thriving tourism economy.
According to SDFC, financing is available under the facility for:
New guesthouse projects: Construction of new guesthouses
Guesthouse upgrades: Renovation, expansion, additional rooms or facilities, or quality improvements
Business diversification: Tour operating services, water sports activities, restaurants or cafés linked to guesthouses
Technology-driven growth: Online booking systems, website development, and mobile applications
Key features and financing limits:
Financing rate: 9.5 percent per annum
Grace period: Up to 18 months (lower monthly payments during grace period)
Facility term: Up to 10 years
For guesthouse construction - new and existing businesses:
Minimum amount: MVR 200,000
Maximum amount: MVR 5,000,000
For other tourism industry business activities:
Maximum amount: MVR 1,500,000
Eligible activities include dive centers, water sports centers, and similar tourism ventures.
Interested businesses can submit their applications via the SME Portal on SDFC’s website.