Bank of Maldives (BML) has announced significant operational improvements to SME Digital, introducing streamlined services and enhanced governance to better serve the small and medium enterprise sector.

BML CEO Badruddin Hassan stated that following the rebranding of the former SDFC, the institution has adopted a ‘Relationship Banking’ model. This new approach assigns dedicated relationship managers to each customer, ensuring personalized service and eliminating the need for clients to interact with multiple departments for their banking needs.

In a move toward digital efficiency, SME Digital loan repayments have been integrated into the BML mobile application, offering greater convenience for business owners. Hassan further noted that while the company is not currently listed on the stock exchange, its policies are being aligned with the governance standards set by the Capital Market Development Authority (CMDA) and the Maldives Monetary Authority.

Looking toward the future, the institution is transitioning into a fully Shariah-compliant financial entity. An international Shariah Advisory Board has been established to oversee this transition, which includes the development of Shariah-compliant refinancing options for businesses facing repayment difficulties.