President Dr Mohamed Muizzu has announced today that this government's policy includes facilitating loans for all artists, including musicians. 

The President's statement was made in response to a question from the media at today's press conference at the President's Office. 

The journalist asked the President about concerns raised by musicians regarding being ineligible to apply for content creator loans via BML subsidiary, SME Digital. 

The President replied that the government's policy does include facilitating small and medium level loans for various sectors. 

"In future, we will look into how the opportunity can be given to artists as a whole, of various kinds. There is also the option of issuing a grant to musicians, painters, and artists straight from the government's budget. It is within the government policy to provide various types of loans and grants to those engaged in different arts," the President stated. 

The existing SME Digital Content Creator Financing Scheme is targeted for content creators and film producers. This Islamic Financing scheme provides financing between MVR 25,000 to MVR 500,000 to applicants. 

A special scheme titled Islamic Microfinancing at SME Digital also issues loans to small and medium businesses. Financing of up to MVR 100,000 can be obtained under this scheme, with a 10-year repayment window including a grace period of 12 months. 

The schemes were introduced under Maldives Islamic Social Financing Initiative (MISFI).