Bank of Maldives (BML) has unveiled the details of its ‘Micro Financing’ product, the first Shari’ah-compliant offering under the Maldives Islamic Social Finance Initiative (MISFI).
The product offers up to USD 6,485 in financing with a rate of 2.5 percent, the lowest rate in the country. To ensure long-term affordability and business stability, the financing tenor is extendable up to 10 years with a grace period of up to 12 months and features flexible terms, including zero application or processing fees. This financing can be availed for a wide range of needs, including startup costs and business growth.
The Bank’s Chief Executive Officer and Managing Director Mohamed Shareef said the bank was proud to lead the country’s first initiative in Islamic social finance. He said the bank aims to create a financial ecosystem where opportunity is accessible to all. He further said that it is a direct investment in the potential of the people by providing the essential capital needed to transform small business dreams into sustainable businesses that benefit the entire nation and contribute to a more resilient economy.
The product targets unbankable customers, new entrepreneurs and underserved communities, bridging the gap between the informal economy and formal banking sector while maintaining Shari'ah compliant. Applications will open in January 2026 and will be accepted exclusively via SME Digital, BML’s Shari’ah-compliant subsidiary.