SME Digital has announced plans to introduce two new Sharia-compliant financing schemes designed to strengthen small and medium enterprises (SMEs) across the Maldives, with a strong focus on supporting marine-related businesses and broadening access to inclusive financial solutions. The financing institute, formerly known as the SME Development Finance Corporation (SDFC), was rebranded in late October and now operates as a subsidiary of the Bank of Maldives (BML), fully aligned with Islamic Sharia principles.
Speaking on PSM News’ ‘Raajje Miadhu’ programme, Aminath Muha, Government Portfolio Incharge at SME Digital, said the dedicated marine vessel financing scheme is in its final stages of development. The programme will enable individuals and businesses to buy, build, or upgrade marine vessels, including essential equipment, machinery, and engines. This is expected to be particularly significant for resorts, guesthouses, liveaboards and other tourism and fisheries-related operators that rely heavily on reliable marine transport for guest transfers, logistics, supply chains and excursion services. By easing access to vessel financing, SME Digital is positioning itself as an important partner in improving operational efficiency, safety, and service quality in the country’s maritime and resort-support ecosystem.
The marine-focused facility also reflects SME Digital’s commitment to advancing the wider fisheries and maritime sectors, which remain central to the Maldivian economy. Enhanced access to finance for vessel upgrades, engine replacements and modern navigation or safety equipment is likely to help operators improve fuel efficiency and reliability, potentially reducing operating costs for resort transfer vessels, fishing vessels and support boats. For many resort and tourism enterprises, especially those in outer atolls, this type of financing can support fleet modernisation, ensure smoother guest experiences and reinforce the Maldives’ reputation for high standards in marine transport services.
Alongside the vessel scheme, SME Digital is preparing to introduce a POS-based financing product targeted at merchants using BML payment terminals. This facility is expected to support a wide range of businesses, from small retail outlets and cafés to resort boutiques and food and beverage venues that process high volumes of card transactions. By leveraging transaction data and digital payment flows, the POS-based facility can help merchants better manage working capital, finance inventory and fund small expansions without lengthy traditional collateral requirements, thereby strengthening the business infrastructure that underpins resort operations and local tourism hubs.
To further complement its offerings, SME Digital is also working on a Sharia-compliant agricultural financing option. This facility is intended to support agricultural producers and input suppliers, creating opportunities for more sustainable and reliable supply chains. For resorts and hospitality businesses that are increasingly focused on sourcing fresh local produce and promoting farm-to-table concepts, stronger agricultural financing can translate into improved consistency and quality of local supply, while also supporting community-based producers across the islands.
Mariyam Shazna, Digital In-Charge of Marketing and Communications at SME Digital, highlighted that the institution is leveraging cutting-edge technology to deliver eco-friendly and inclusive financial solutions tailored to the diverse needs of SMEs. She underscored that the design of these products takes into account the realities faced by businesses operating in geographically dispersed atolls, including resort-support service providers, logistics operators, and small merchants that serve both local communities and international visitors.
As the Maldives’ first fully Sharia-compliant digital financial institution dedicated exclusively to SME growth, SME Digital is integrating its services with the BML mobile app through API connectivity. This integration is expected to provide seamless, modern and accessible financial support nationwide, enabling resort operators, vessel owners, merchants and agricultural businesses to access and manage financing solutions from anywhere in the country. By combining Sharia-compliant principles with digital innovation, SME Digital is aiming to strengthen the backbone of the Maldivian economy, with particular benefits for the resort, marine and tourism-linked sectors that rely on agile, reliable and sustainable financial partnerships.
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