SME Digital has officially rolled out a significant new asset financing product structured under Islamic Shariah principles, specifically designed to address persistent financial constraints hindering the growth of Micro, Small and Medium Enterprises (MSMEs) across the nation.
This new facility aims to enhance the operational productivity of existing enterprises in all sectors by providing easily accessible funds for crucial needs, including the procurement of machinery, essential equipment, and engineering costs associated with commercial road and marine vehicles.
The financing offers substantial flexibility, providing funds ranging from USD 6,485 up to USD 324,254. Crucially, to lower entry barriers for smaller operations, SME Digital confirmed that financing up to USD 64,850 is available completely without collateral.
Defining the repayment structure, the collateral-free facility offers a seven-year tenure, which includes a generous six-month grace period before repayments commence. Should a facility be secured with a mortgage, the repayment period extends to 10 years, including an even longer 12-month grace period. This soft financing scheme features highly competitive annual profits calculated between nine percent and 10.5 percent.
SME Digital CEO Badruddeen Hassan emphasised that the product is a strategic intervention aimed at supporting the national economy and tackling core business challenges.
"Financial difficulties faced by businesses in purchasing goods have been a significant obstacle to their growth. With this financing, we will provide an easy solution to the current difficulties, increase the productivity of businesses, and allow them to enter new markets with modern equipment and machinery,” he explained.
The bank anticipates that the introduction of this flexible, Shariah-compliant financing will help businesses swiftly expand their operations and bring further sustainable growth to the Maldivian economy.
The opportunity to apply for this new financing product is now immediately available through the dedicated online portal accessible on the SME Digital website at www.smedigital.mv.