ITFC Approves USD 5 Million Murabahah Financing to Support SMEs in the Maldives

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB) Group, has approved USD 5 million in Murabahah Financing to Bank of Maldives to support the Bank’s private sector businesses, according to a recent statement.

Bank of Maldives is the first institution in the Maldives to work with the ITFC to expand financial outreach to the private sector through local banks in the country. In particular, the financing will support the growth of small and medium sized enterprises (SMEs) that are involved with importing raw materials from international markets, the statement revealed, and comes at a crucial time as SMEs in the Maldives and other Organisation of Islamic Cooperatio...