Bank of Maldives (BML) has officially acquired the SME Development Finance Corporation (SDFC), unveiling plans to transform the institution into a Shari’ah-compliant, digital-first subsidiary focused on empowering the country’s Micro, Small and Medium Enterprises (MSMEs). The move signals a bold push by BML to deepen financial inclusion, accelerate digital innovation, and expand support for underserved segments within the Maldivian economy.
Under the new model, the restructured SDFC will provide streamlined, technology-driven financial services tailored specifically for MSMEs — including start-ups, women-led enterprises, farmers, fishermen, agri-businesses, traders, and e-commerce ventures. The new subsidiary will operate with enhanced lending capabilities, surpassing SDFC’s previous reach while retaining the favorable lending terms it offered.
BML CEO Mohamed Shareef emphasized the strategic significance of the acquisition. “The MSME sector, served by SDFC, is an important contributor to economic growth, playing a significant role in shaping the growth and innovation of our economy. With this acquisition, we remain committed to creating a transformative banking experience for MSMEs in the country through the Shari’ah-compliant subsidiary” he said.
The bank’s vision for the subsidiary includes launching a comprehensive digital lending platform and marketplace, while also advancing financial literacy and improving access to finance nationwide. By leveraging its strong balance sheet, expansive national footprint, and digital capabilities, BML aims to lead the transformation of MSME banking in the Maldives.
In its first year of operation, BML anticipates disbursing MVR 500 million in financing through the new platform. Additionally, the bank will inject MVR 300 million over the next three years via the recently introduced Maldives Islamic Social Finance Initiative (MISFI), reinforcing its long-term commitment to sustainable and inclusive growth.
Further updates on the operational integration and rollout of services under the new structure are expected to be announced in the coming months.
