Finance Facility of US$5 Million Granted to Support Local SMEs

The International Islamic Trade Finance Corporation (ITFC) has approved a Murabaha Financing Facility in favor of Bank of Maldives Plc (BML) to support local private sector businesses, particularly SMEs importing raw materials from the international markets. BML is the first organization to partner up with ITFC in the Maldives.

Photo: BML

The Facility has been granted in a crucial time where local SMEs have been deeply affected by the coronavirus pandemic and have strained their financial resources resulting in a huge impact to the whole Maldivian economy. It has been BML’s utmost priority to extend their support to local business impacted by the pandemic. ITFC took note of the bank’s dedication towards supporting impacted businesses of the private sector. In light of this, the Murabaha Financing Facility was awarded to BML by ITFC. The grant of this Facility will positively contribute for the recovery of businesses in the private sector with focus on SMEs.

ITFC is in the process of expanding its financing outreach to private sector business through local banks of countries. They were established with the primary object of advancing trade among member countries Organization of Islamic Cooperation (OIC) and commenced its operations on 2009. Since then. ITFC has provided more than US$51 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs.