New Shariah-Compliant Asset Financing Scheme Launches for MSMEs

The government has launched a new financing facility, now open for applications, to support MSMEs in acquiring essential business assets.

SME Digital stated that this newly introduced facility enables existing businesses across all sectors to conveniently access financing for assets that enhance productivity such as machinery, equipment, business vehicles, and vessel mechanization.

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Businesses can access Shariah-compliant financing ranging from MVR 100,000 up to MVR 5,000,000. Unsecured facility is offered up to MVR 1,000,000 with a 7-year tenure, including a 6-month grace period, while secured facility provides a tenure of up to 10 years with a 12-month grace period. The annual profit rate ranges from 9% to 10.5%. Designed for flexibility and accessibility, this financing solution supports businesses in expanding operations, improving efficiency, and strengthening their overall contribution to the economy.

Applications for this financing are now open via SME Portal at www.smedigital.mv.