SME Digital has introduced a new Shariah-compliant financing product designed to ease the financial burdens faced by small and medium-sized enterprises (SMEs) in the Maldives.

According to the SME Development Finance Corporation (SDFC), applications for the scheme are now open and must be submitted through the SME portal on SME Digital’s website. The initiative aims to provide accessible funding for businesses seeking to purchase machinery, equipment, vehicles, and engines to boost productivity across all sectors.

The scheme offers financing between MVR 100,000 and MVR 5,000,000. Purchases of up to MVR 1,000,000 will be eligible for financing without collateral, with a repayment period of up to seven years, including a six-month grace period. For facilities secured by a mortgage, businesses will receive a 12-month grace period. The annual profit margin for the scheme ranges from 9 to 10.5 percent.

SDFC stated that the financing is expected to support business expansion and contribute to the wider Maldivian economy.

SME Digital CEO Badruddin Hassan said the new product aims to address long-standing financial challenges faced by businesses. He noted that difficulties in acquiring essential assets have limited growth, and the new financing is expected to help enterprises increase productivity and explore new markets through improved access to equipment and machinery.