Financial Sector

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In order to maximize the benefits of the economic transformation that will be brought about by President Yameen's economic agenda, the development of the financial system is essential. 

The International Finance Centre planned to be established will offer financing solutions to large scale private projects. 

The Banking Sector will be expanded to avail financing for housing, development of SMEs, youth and women entrepreneurs. 
 


 

PROMISES


We will convert the Housing Development Finance Corporation (HDFC) to incorporate the first Development Bank of the Maldives by broadening its mandate to include development and consumer finance.


We will reduce the burden of housing finance by:

  • Reducing interest rates and the compulsory equity element, to 6% and 10% respectively for social housing.

  • Reducing interest rates and the compulsory equity element, to 8.5% and 15% respectively for mid-market housing.

We will establish an International Financial Centre the in Greater Male’ region to offer attractive incentives for banks and financial institutions.


We will avail low cost financing for the production of fishing vessels and transport vessels for agricultural produce.


We will increase credit guarantee schemes for SMEs and triple the fund to guarantee loans for youth and women entrepreneurs.


We will reduce the need to mortgage houses and land for loans by maintaining a register of movable assets, which can then be used as collateral for loans.


We will offer low interest based on credit worthiness of the borrower, rather than apply a common interest rate for all. 


We will expand consumer finance for the youth, such as hire purchase and finance leasing. 


We will open a Bank of Maldives branch in every island with a population of over 2500,
set-up ATMs in every island with population over 1500 and ensure the presence of a BML Agent in all the other islands. 


We will establish one-stop financial service centres in every inhabited island enabling account opening, cash withdrawal and deposits to any bank in the Maldives and insurance services from all insurance agencies in the country.


We will ensure islamic banking is available and accessible on every inhabited island.  


We will establish a fund for 1000 loans for startups for youth and women.


We will provide credit to holders of a Fisherman Card through our fisheries scheme.


We will create easier and less costly access to payment gateways and establish the legal frameworks to enable acceptance and integration of global payment platforms such as Paypal.


We will enable the use of online payment systems that supports online money transfers, such as Paypal and make e-commerce solutions (payment gateways etc.) more accessible to youth entrepreneurs and SMEs. 

ITC