SME Digital rolls out full suite of Sharia-compliant financing within four months

Within four months of Bank of Maldives acquiring the SME Development Finance Corporation (SDFC) and rebranding it as SME Digital, the institution has launched a comprehensive range of financing products aimed at small and medium enterprises (SMEs).

SMEs form the backbone of the Maldivian economy, from home-based businesses and freelancers to guesthouse operators and women-led enterprises. Yet limited access to timely and affordable financing has long been cited as a barrier to growth.

SME Digital said it has sought to address that gap by developing a Sharia-compliant financing framework that supports businesses at every stage from start-up to expansion.

Today, the institution offers sector-specific financing solutions across tourism, services, manufacturing, trade, marine transport and the creative economy, tailoring support to business needs rather than applying a single model to all.

New and micro enterprises can access financing of up to MVR 100,000 without collateral, with a repayment period of 10 years including a 12-month grace period. The facility is aimed at young entrepreneurs, women, freelancers and home-based workers seeking start-up capital.

Under a scheme focused on economic empowerment, women entrepreneurs can access up to MVR 250,000 without collateral, with a seven-year repayment term and a one-year grace period.

For growing businesses, SME Digital offers:

These facilities are intended to support expansion, purchase of machinery, opening of new outlets and operational strengthening.

Recognising the importance of maritime transport to fisheries and tourism, SME Digital provides vessel financing of up to MVR 5 million, with repayment periods of up to 10 years and an 18-month grace period.

Content creators, photographers and digital professionals can access up to MVR 500,000 in financing, including up to MVR 150,000 without collateral. Repayment periods extend to five years, with a six-month grace period.

Tourism-focused financing includes:

Badruddin Hassan, chief executive of SME Digital, said the institution aims to ensure that even small-scale enterprises have access to appropriate financing.

“SME Digital aims to provide every small and medium enterprise  regardless of size with financing suited to its needs,” he said, adding that the goal is to support everything from home-based ventures to machinery investment and guesthouse development.

He said strengthening SMEs would help diversify the economy, create employment and empower communities.

SME Digital has also extended repayment periods and incorporated grace periods to reduce short-term financial pressure on entrepreneurs, positioning its facilities as tools for sustainable growth rather than short-term borrowing.

According to the institution, thousands of SMEs have already received financial support through its various schemes. Entrepreneurs can view and apply for financing products through the SME Digital website.

With its expanded portfolio, SME Digital says it aims to position itself not only as a financing provider but as a long-term partner in the development of local businesses.