SME Development Finance Corporation (SDFC) has announced that it will provide up to MVR 2 million to install RSW systems on fishing vessels under its 'Murabaha RSW' facility.
SDFC's Islamic Window opened the opportunity on the 22nd of this month to finance the installation of Refrigerated Sea Water (RSW) systems on fishing vessels under the Murabaha principle permitted by Islamic Sharia. Interested parties can apply for this service through SDFC's online portal https://portal.sdfc.mv. The deadline for accepting applications is 30 November 2024. SDFC stated that the processing of applications from eligible parties will proceed as applications are received.
Under this facility, which is aimed at vessels currently engaged in fishing in the Maldives and vessels in a condition to be used for fishing, financing will be provided for fishing vessels of 50 feet or larger. SDFC also stated that the vessel must have a storage capacity of at least 15 tonnes of fish. This facility finances the installation of a refrigerated sea water system (RSW system), the purchase of a generator set, and the purchase of a solar power panel system on fishing vessels.
Under the 'Murabaha RSW' financing, up to MVR 2,000,000 is disbursed, with a profit rate calculated at 6% per annum. The facility provides financing to be repaid within a maximum of 10 years, with a grace period of 6 months. SDFC stated that no collateral is required to obtain financing from this facility, and if the amount to be spent under this project exceeds the facility amount, any additional expenses must be borne by the applicant.
Ways to submit quotations for purchasing goods:
If wishing to purchase goods from a party not included in the empanelled list, the seller must complete the empanelment process.
The applicant purchasing goods from abroad as an 'agent'.
'Murabaha RSW Financing' is a product formulated jointly by SDFC, the Ministry of Fisheries and Ocean Resources, the Ministry of Finance, and the Islamic Development Bank to revive and develop the fishing industry. Under this facility, both start-up businesses and existing businesses can apply for financing.
SDFC is a company established to facilitate easy access to loans to resolve the difficulties faced by micro, small, and medium enterprises. The company continues to introduce and sustainably provide easily accessible loans targeted at various economic sectors to provide the necessary financial assistance to newly established and growing small and medium enterprises in the Maldives.
