SDFC Introduces Islamic Financing Product for Local Tourism Sector
Tourists at VIA | Photo: MV+
The SME Development Finance Corporation (SDFC) has launched ‘Thijarah Rashu Fathuru’, an Islamic financing product designed to support the local tourism industry.
The initiative marks the first financing opportunity introduced under SDFC Thijarah and is aimed at providing small and medium-scale enterprises in the tourism sector with access to Shariah-compliant financial resources. The corporation stated that the facility is available to both new startups and existing businesses, enabling them to expand and strengthen their contributions to the Maldives’ tourism economy.
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The financing facility covers a wide range of activities, including the construction of new guesthouses, upgrades such as renovations and expansions, and business diversification into areas such as tour operations, water sports, and guesthouse-linked restaurants or cafés. Support is also available for technology-driven growth, including online booking systems, website development, and mobile applications.
Key terms of the product include a financing rate of 9.5 percent per annum, a grace period of up to 18 months with reduced monthly payments, and a facility term of up to 10 years. For guesthouse construction, the minimum financing available is MVR 200,000, with a maximum of MVR 5 million. Other tourism-related activities, such as dive centres and water sports ventures, can access financing up to MVR 1.5 million.
SDFC has invited interested businesses to submit their applications through the SME Portal available on its official website.
