Vice President Ahmed Adheeb Abdul Ghafoor has on Sunday evening, officially launched the ‘Faseyha Madhadhu’ loan program, at a ceremony held at Dharubaaruge. ‘Faseyha Madhadhu’ is an Islamic financing loan program, designed by the Government, to facilitate small and medium enterprises in Maldives.
In his keynote speech, the Vice President noted that President Abdulla Yameen Abdul Gayoom has, as the Minister of Economic Development and Trade, unlocked a very important milestone in the history of the Maldivian economy, by dismissing the Import Quota. The Vice President said that this milestone has led to a sudden surge of Small and Medium Enterprises emerging in the Maldives. However, he also underlined the many challenges presented with the emergence of these SME’s, mainly related to lack of financial assistance.
Speaking at the ceremony, Vice President Adheeb highlighted the significance of the Islamic financing loan scheme being launched, noting that it was a financing mechanism accepted universally.
Continuing on, the Vice President expressed his hopes that a high number of SME’s would benefit from the ‘Faseyha Madhadhu’ loan scheme. The Vice President said that the Government always encouraged new entrepreneurs in the Maldivian economy, and urged entrepreneurs to provide more employment opportunities for Maldivian youth.
At the ceremony this evening, Vice President Ahmed Adheeb Abdul Ghafoor presented a commemorative plaque to the Bank of Maldives.
