BML to issue loans to fishermen on national registry

Bank of Maldives (BML) is introducing financing for fishermen on the national registry.

BML today signed an MoU with the Ministry of Fisheries and Ocean Resources to share details of the registry, so that the financing can be facilitated.

The agreement was signed by Minister of Fisheries and Ocean Resources Ahmed Shiyam and BML CEO and Managing Director Mohamed Shareef.

The introduction of this service will enable fishermen on the national registry to access a variety of credit facilities including personal financing, credit cards and home loans, based on their income.

BML said that under this, eligible fishermen can access upto MVR 300,000 in personal financing without collateral or equity requirements. Repayment will be planned in light of seasonal variations in income within the fishing industry.

"Through this collaboration, our goal is to enhance fishermen’s access to credit facilities. This will allow us to provide financial solutions that recognize the unique earning patterns and seasonal challenges faced by our fishermen to support their livelihoods in a sustainable manner," BML CEO and Managing Director Mohamed Shareef stated.

Minister Shiyam said that around 95 percent of fishermen are currently on the national registry, adding that this is an initiative fishermen have long been looking forward to. He called on those who have not yet registered to do so at the earliest.

He said that it is of high priority to President Dr Mohamed Muizzu to ensure that fishermen are recognized by the State. When this is done, it will be easier to provide services such as these, he said, calling on the remaining fishermen to ensure they register so that they are eligible for such services.

Once registered, fishermen will be able to apply for personal financing, Home Build financing, Home Purchase financing and Home Construction financing.