Badhuruddheen Hassan appointed as managing director of SDFC

Badhuruddheen Hassan has been appointed as the new Managing Director of the SME Development Finance Corporation (SDFC), now a subsidiary of the Bank of Maldives (BML). Badruddin previously served as BML’s Director of Retail and SME Banking, bringing extensive experience in the sector to his new role.

The appointment follows a recent government decision to transfer its stake in SDFC to BML, as approved by the Cabinet. With this transition, SDFC will now operate under BML’s umbrella and serve as a dedicated Islamic digital bank focused on supporting small and medium enterprises (SMEs) in the Maldives.

According to BML, SDFC will offer Islamic financing solutions powered by cutting-edge digital banking technologies, with a strategy centered on financing start-ups, women-led enterprises, fishermen, farmers, agribusinesses, sustainable ventures, and the e-commerce sector.

BML stated that the acquisition is aimed at leveraging its financial strength and digital expertise to accelerate the digital transformation of MSME banking, enhance financial inclusion, and promote sustainable economic growth in the Maldives.

As part of its ambitious rollout, BML plans to disburse MVR 500 million in financing through SDFC in its first year of operation. Additionally, through the Maldivian Islamic Social Finance Initiative (MISFI), MVR 300 million will be invested over the next three years to support community development and sustainable business growth.