The International Islamic Trade Finance Corporation (ITFC) has provided Bank of Maldives (BML) with USD 5 Million as Murabaha credit facility.

The following financing facility would be provided to aid the businesses in the Maldives. The credit facility was provided under “Murabaha credit facility”. The agreement was signed between the two bank and the BML is noted as the first bank to sign such agreement.

Since COVID-19 the Maldives economy has been facing financial hit and foreign currency is all time low with the current situation.

The financing and grants being rolled out by ITFC, as part of the IsDB Group COVID-19 Response Package, are supporting preparedness for the pandemic through the provision of medical supplies, staple foods and fertilizer for agricultural production to OIC countries including Bangladesh, Egypt, Kyrgyzstan, the Maldives and Senegal.