SME Digital Disburses Over MVR 375 Million in Business Loans

The Government, through SME Digital, has disbursed more than MVR 375 million in loans to businesses across the Maldives.

According to available data, a total of 575 businesses received financing between 17 November 2023 and 15 April 2026.

Loan disbursements were spread across key sectors of the economy. The trade sector received the largest share at MVR 116 million, followed by fisheries with MVR 102 million and tourism with MVR 81 million. Manufacturing accounted for MVR 34 million, while transport received MVR 21 million. Smaller allocations were made to agriculture and information technology at MVR 6 million each, and construction at MVR 5 million.

Bank of Maldives subsidiary SME Digital provides financing solutions to small and medium-sized enterprises across a wide range of sectors.

The institution is currently transitioning its operations to Islamic finance principles, with the aim of becoming a fully Sharia-compliant financing provider. Over the past five months, all services have been converted to Sharia-compliant models, and new financing products structured under Islamic principles have been introduced.

In addition, since October last year, SME Digital has been working to convert previously issued loans into Islamic financing. While some facilities have already been refinanced under Sharia principles, the transition process for remaining facilities is ongoing.