SME Digital has opened applications for Islamic Micro Financing, the first financing product introduced by Bank of Maldives under the Maldives Islamic Social Financing Initiative (MISFI).

The facility offers financing of up to MVR 100,000 at a rate of 2.5 percent, the lowest financing rate currently available in the Maldives. The financing period can be extended for up to 10 years, with a grace period of up to 12 months. The product also includes flexible terms such as zero application and processing fees.

Islamic Micro Financing is aimed at individuals and businesses that face challenges accessing finance through the traditional banking system, including micro, small, and start-up enterprises. The financing is structured in line with Islamic principles and is open to individuals who have not previously received financing from any bank or financial institution.

Applications can be submitted through the SME Portal.

MISFI is a special fund jointly established by the Maldives Monetary Authority, Bank of Maldives, and Maldives Islamic Bank. Under the initiative, MVR 20 million has been allocated by the Maldives Monetary Authority, MVR 30 million by Maldives Islamic Bank, and MVR 200 million by Bank of Maldives over the next three years.