Bank of Maldives (BML) is preparing to raise USD 300 million through its first international capital market issuance, according to a report by Bloomberg.

The bank is seeking investor interest in a sukuk, with meetings under way with fund managers in Asia, the Middle East and Europe, BML’s director of financial strategy and planning, Abdulla Hassan, told Bloomberg.

The planned issuance will be backed by a government guarantee. Dubai-based Mashriq Bank is advising BML on the process and supporting investor engagement.

The move comes as the Maldives’ tourism-dependent economy faces headwinds linked to the Middle East conflict, including disruptions to travel and higher fuel costs. BML, a major lender to the tourism sector, is aiming to strengthen financing capacity amid these challenges.

BML reported a strong financial performance last year, posting a net profit of MVR  2.5 billion- a 9.8 percent increase compared to the previous year.

The bank’s total assets rose to MVR 55.8 billion, while it disbursed a record MVR 10 billion in new loans and financing across individuals, small and medium enterprises, corporates and key sectors of the economy.

Customer growth also remained strong, with more than 30,000 new accounts opened during the year and deposits increasing by 16 percent compared with 2024.