Prominent financial institutes of Maldives: Housing Development Financial Corporation (HDFC), Maldives Islamic Bank (MIB), Commercial Bank of Maldives (CBM), SME Development Financial Corporation (SDFC) and Pension Administration have confirmed their presence in the latest edition of Maldives Living Expo that is scheduled to be held in Hulhumale’ this August.
HDFC was incorporated in 2004, by a Presidential Decree under the Companies Act. (Act No. 10/96). HDFC is unique as the only mortgage housing finance institution in the Maldives. HDFC continues to offer new products and add value to the housing finance sector. HDFC has been a pioneer in introducing home/flat purchased finance products, and it continues to innovate and introduce new products to match the needs of the market.
HDFC offers housing finance under both conventional and Islamic concepts for home construction, home purchases, home renovation/improvement and offers Investment products such as listed Bond and listed Sukuk. HDFC also manages Government Social housing schemes with the partnership of the Ministry of National Planning, Housing, and Infrastructure.
Maldives Islamic Bank (MIB) officially started business on 7th March 2011. The bank aims to provide an alternative to the public and businesses who wish to avail themselves to banking transaction and dealings in strict compliance with Islamic banking principles. MIB shall conduct its business in strict accordance with Shariah principles and guidelines devoid of any element of interest, uncertainty, gambling, and unethical practices. It aims to offer an alternative form of financial services to the public, both individuals and businesses, who are desirous of conducting their transactions in conformity with Shariah requirements.
Commercial Bank of Maldives (CBM) is a joint venture between Tree Top Investments Pvt Ltd (TTIL) and the Commercial Bank of Ceylon PLC (CBC) based in Sri Lanka. Tree Top Investments Pvt Ltd is a Maldivian investment company founded in 2013, with the vision to combine the extensive expertise of the partner shareholders into one pioneering company.
CBM is the latest addition to the Maldivian banking sector. During the short span of its presence in the market, CBM has been able to capture a sizeable portion of the market share whilst delivering customer-friendly solutions to meet the needs of the retail, small and medium enterprises, and corporate segments. At present CBM serves over 15,000 customers offering the best-in-class financial solutions and ‘personalized service’.
SDFC is owned by the Government of Maldives with shares of 3 City Councils, i.e. Male’ City, Fuvahmulah City and Addu City. The commencement of SDFC’s operations will make it easier for MSMEs to obtain financing to support their businesses while leading to healthy competition between the financial institutions.
SDFC encourages and supports local micro, small and medium sized enterprises, and entrepreneurial start-ups to contribute to the local communities. They strongly believe in inclusive economic growth for the well-being of the entire population. In this manner, they will give priority to applications from women, youth, and people with special needs to ensure that we create opportunities for all.
About Pension Administration
The Maldives Pension Administration Office (Pension Office) is an independent legal institution established under the Maldives Pension Act to develop a robust pension system. Since its establishment in 2009, the office has made remarkable progress in promoting retirement planning through the Maldives Retirement Pension Scheme (MRPS) - a defined contribution pension plan for saving towards retirement.
In addition to its role as a pension plan, MRPS aids in saving for hajj pilgrimage and facilitates home ownership through a housing collateralization program. Under this program, MRPS members can use funds in their Retirement Savings Account (RSA) as collateral to secure home purchase financing from financial institutions. The initiative has been well-received by individuals seeking homeownership without significant initial funds.
About Maldives Living Expo
Initiated by Highrise in 2013, Maldives Living Expo is the only Property exhibition held in the Maldives to target the Maldivian investors / potential buyers who want to invest in a second Home with the Luxury Real Estate options, other service providers for Home, Living & Lifestyle with Financial Service providers. The key objective to host the event in this challenging time is to provide elite information in one platform with the competitors of luxury living and lifestyle in the market. Also, to inspire and meet the aspiration of the young, modern, and first-time home buyers who want a house which fulfills their dreams with respect to the lifestyle they want to live.
This event will be a steppingstone for a strong foundation for the future generation. Highrise team is delighted to announce that they have local key businesses, foreign exhibitors, exciting Visit and Win Lucky draws, new product launchings, inspirational talk shows happening in the 3 days event of Maldives Living Expo 2023.
The latest edition of Maldives Living Expo will be held on 10th, 11th, and 12th August 2023 at Central Park, Hulhumale’.
Please login to Comment