Bank of Maldives (BML) has launched the 'Masveriyaa' portal, a digital platform designed for fishermen to easily apply for the bank's financing services.
The portal was launched by the Minister of Transport and Civil Aviation, Mohamed Ameen, at a special ceremony held in R. Dhuvaafaru to mark Fishermen's Day.
Through the Masveriyaa portal, individuals in the fishing industry can apply for various Islamic financing products offered by Bank of Maldives to help them achieve their life goals and aspirations. Through this user-friendly platform, eligible fishermen registered in the national fishermen's registry can apply for Islamic financing services for the following purposes.
Schemes available for fishermen to apply for financing via the portal:
For Lui financing. This financing is issued to purchase fishing equipment or for various other needs.
This portal is a service introduced under an agreement signed earlier this year between BML and the Ministry of Fisheries and Ocean Resources to provide an easy way for fishermen to access financial services.
Speaking about the portal, BML's CEO and Managing Director Mohamed Shareef said that the launch of the Masveriyaa portal is an important step taken to assist the fishing industry and establish a modern arrangement to easily access financial solutions. The CEO also stated that the bank is working to provide the most needed financial solutions to all sectors in the Maldives.
The Masveriyaa portal is an important symbol of the bank's ongoing efforts to assist fishermen. As part of its assistance to fishermen, since December 2024, the bank has been depositing the money owed to fishermen within 48 hours of weighing the fish. The bank has also introduced a special facility where fishermen can get financing up to MVR 300,000 without any equity (self-funded portion) or collateral. The repayment schedule for this financing is arranged based on the changes in income from fishing.
The bank has announced that card services will also be introduced very soon via the Masveriyaa portal.
