The bank confirmed that it had formally submitted a request to acquire the Government’s stake in SDFC and that the Cabinet’s decision came after a thorough review of a proposal and research paper submitted by the Ministry of Finance and Planning.
PSM News
On 20 July 2025, the Cabinet of the Maldives approved the sale of the Government’s stake in the SME Development Finance Corporation (SDFC) to the Bank of Maldives (BML), marking a significant step in the government’s strategy to enhance SME financing across the country.
Following the announcement, some public speculation arose regarding whether proper procedures had been followed in the transaction. In response, the Bank of Maldives issued a statement reaffirming that all actions related to the acquisition were carried out in full compliance with the Maldives Banking Act and relevant regulatory frameworks.
The bank confirmed that it had formally submitted a request to acquire the Government’s stake in SDFC and that the Cabinet’s decision came after a thorough review of a proposal and research paper submitted by the Ministry of Finance and Planning. The review highlighted the strategic advantages of the acquisition and aligned with the government’s broader economic priorities.
Once the acquisition is finalised, SDFC will continue operations under BML as a fully Shariah-compliant Islamic finance institution. The bank plans to integrate an advanced digital banking system to enhance service delivery and operational efficiency.
The bank has also ensured that the acquisition will proceed in accordance with the procedures outlined in the Maldives Banking Act and relevant regulations.
