Bank of Maldives (BML) has begun efforts to enter the international stock market for the first time, as reported by the renowned business news outlet, Bloomberg. According to the report, BML initiated this move to secure the financial assistance necessary to mitigate the impact of the ongoing conflict in the Middle East on the Maldives' primary industry, tourism.

The news outlet, citing BML’s Director for Financial Strategy and Planning, Abdulla Hassan, stated that the bank is holding meetings with fund managers from Asia, the Middle East, and Europe. These discussions aim to gauge interest in a $300 million sukuk (Islamic bond) to be sold with a government guarantee. Mashreq Bank PSC, based in Dubai, is assisting BML in the sale of the sukuk.

The conflict in the Middle East has led to numerous booking cancellations and travel challenges, resulting in a decline in tourist arrivals to the Maldives. Some resorts have begun placing employees on no-pay leave and implementing other cost-cutting measures. In response, BML has noted that it is now providing loans to the tourism sector on more favorable terms than before, a decision made specifically to support the industry during this difficult period.