SME Digital has introduced two new Shariah-compliant financing products aimed at supporting the expansion of the Maldives’ growing local tourism sector, offering funding of up to MVR 10 million for guesthouse developments.
Announced on Wednesday, the new facilities — branded as Guesthouse Financing and Guestroom Financing — are designed to make capital more accessible to entrepreneurs, small businesses and first-time entrants operating in island tourism.
Speaking at the launch, SME Digital CEO Badhurudheen Hassan said the initiative is intended to accelerate tourism development across the atolls while stimulating economic activity at the community level.
He noted that the schemes are structured to reduce financial barriers for aspiring tourism operators and encourage sustainable growth within the sector.
Under the Guesthouse Financing product, funding of up to MVR 10 million is available for the construction of new guesthouses with a minimum of six rooms, as well as the renovation and upgrading of existing properties. The facility also covers room expansions, the introduction of new services and the integration of modern technologies.
Applicants must contribute at least 20 percent of the total project cost, while repayment periods extend up to 15 years, including an 18-month grace period.
Meanwhile, the Guestroom Financing scheme caters to homestay operators, small-scale rental businesses and guesthouse owners seeking to expand. This facility offers financing of up to MVR 1.5 million, also requiring a minimum 20 percent equity contribution. Repayment can be made over a period of up to 10 years, including a 12-month grace period.
Hassan said the new financing avenues would help increase bed capacity across the islands and enable entrepreneurs to establish tourism ventures, including projects developed on lands allocated by local councils.
“This initiative will create new income opportunities within communities, strengthen island economies and contribute to job creation and long-term economic stability,” he said.
With local tourism continuing to play a growing role in the Maldives’ economic diversification, the introduction of targeted financing options is expected to support broader participation in the sector while promoting inclusive growth across the atolls.
