Bank of Maldives (BML) has introduced an unsecured US dollar financing option under its Kiyavaa Loan scheme, providing Maldivians with improved access to financial support for internationally recognised professional qualifications and career development programmes.
The new financing option does not require customers to provide collateral and is designed to support individuals seeking recognised certifications, specialised training and professional development opportunities. By making financing available in US dollars, the initiative is expected to help customers manage foreign currency payments associated with overseas institutions and international professional bodies more conveniently.
Under the arrangement, approved course fees will be transferred directly to the relevant educational institutions or professional bodies through telegraphic transfer once the customer submits the required supporting documents. This direct-payment mechanism is intended to ensure that approved funds are used for their specified educational purpose while simplifying the payment process for applicants.
Eligible stipend amounts approved under the financing arrangement will be deposited directly into the customer’s account. This component may assist students and professionals in meeting permitted expenses associated with undertaking their selected programmes, particularly where studies or training are conducted overseas.
BML Chief Executive Officer and Managing Director Mohamed Shareef said the enhancement was introduced as part of the bank’s continuing efforts to improve its products and services in line with the evolving needs of customers.
He said the unsecured US dollar financing option would provide greater flexibility for individuals seeking higher education, professional certifications and specialised qualifications abroad. The facility is also expected to support Maldivians in strengthening their technical knowledge, professional competencies and career prospects through internationally recognised programmes.
The introduction of the financing option expands the scope of support available through BML’s Kiyavaa Loan and reflects the bank’s focus on making education and professional development financing more accessible. It may also contribute to the development of a more skilled and professionally qualified workforce in the Maldives by enabling individuals to pursue learning opportunities that support both personal career advancement and national human resource development.
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