Fishermen's loan repayments will be based on their income levels: Shareef

Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has stated that the bank will facilitate flexible arrangements for fishermen in repaying loans issued by BML.

Speaking at the signing ceremony of an agreement between Bank of Maldives and the Fisheries Ministry to facilitate financial assistance for fishermen, Shareef said that loan repayments for fishermen will be based on the income they earn, taking into account changes in the fishing seasons. In this regard, the repayment amount will vary across different months of the year, and this will depend on the level of income earned by the fishermen, Shareef added.

"Just like people in other jobs, fishermen will also have access to all credit facilities issued by the bank. Personal financing or flexible loans of up to MVR 300,000 will be available without collateral and without equity," said BML CEO and Managing Director Mohamed Shareef.

Shareef stated that the bank will also issue loans to fishermen for purchasing and building homes, and while many services such as credit cards will be available, financing will also be provided for fishermen's children to pursue higher education.

Shareef noted that this is the first time a bank in the Maldives is issuing loans and financing to fishermen in the same manner as they are issued to professionals and permanent employees.

Up until now, fishermen have been complaining that banks do not issue loans to them in the same way they do for people in other jobs and professions. Finding a solution to this issue was an important pledge made to fishermen by President Dr. Mohamed Muizzu during his presidential election campaign.