Bank of Maldives has announced the recipients of its Startup Grant 2025, awarding MVR 500,000 each to three emerging entrepreneurs to launch or expand innovative business ventures across the Maldives.
The annual grant programme is designed to support early-stage businesses with strong commercial potential and positive community impact. This year’s selection marks a milestone, as the bank chose three winners instead of the usual two to commemorate the 10th anniversary of BML Islamic.
The Startup Grant 2025 recipients are:
- Rashi Park, founded by Ibrahim Miflal Fayaz
The project will establish Addu City’s first indoor children’s play park combined with a family café in Feydhoo. The facility will feature a professionally designed, multi-level indoor play gym with slides, tunnels, a ball pit, and a dedicated toddler-safe area. A parents’ lounge café will offer refreshments, free Wi-Fi, and clear visibility into the play zones, creating a safe and family-friendly recreational space for the southern region.
- Rashu Plastic Project, founded by Mohamed Mimrah
This sustainability-focused initiative aims to convert plastic waste into practical, market-ready products. By collecting and recycling discarded plastics, the project will produce items such as clocks, keychains, sunglasses, and other consumer goods. The recycling and production setup will be established in Vaavu Atoll Felidhoo, contributing to waste reduction and circular economy efforts in the atolls.
- Ladybird Kindergarten, founded by Shamma Nadheem
The project will establish an Islamic Early Learning Station in Hulhumalé Phase 2, catering to children aged three to six. The kindergarten will integrate Islamic values with play-based learning and national curriculum standards, addressing the growing demand for structured, faith-based early childhood education in the rapidly expanding urban community.
According to Bank of Maldives, the winners were selected through a rigorous two-stage evaluation process. In the first stage, applications were assessed to shortlist the ten most promising proposals. Shortlisted applicants then presented detailed business plans to an evaluation committee in the final round.
While the Startup Grant programme traditionally supports two businesses each year, the bank expanded the number of recipients in 2025 to mark a decade of BML Islamic operations. This year also marks the fourth consecutive year Bank of Maldives has awarded the Startup Grant, reinforcing its ongoing commitment to nurturing entrepreneurship, innovation, and inclusive economic growth across the country.
