The SME Development Finance Corporation (SDFC) has opened applications for Thijarah Rashu Fathuru, a newly launched Shariah-compliant funding scheme for small and medium enterprises (SMEs) in the local tourism sector.

According to SDFC, interested applicants can apply through the online portal launched on 18 September. If the application includes a co-applicant, the income must be verified via bank statements covering the past six months.

The financing scheme allows for guesthouse construction and other tourism-related business ventures such as diving centres and water sports operations on the principles of Islamic financial practices.

Under the terms of the facility, financing can be granted up to MVR 5 million, with a minimum of MVR 200,000 for guesthouses. Other tourism-business applicants (excluding guesthouse construction) may apply for up to MVR 1.5 million. The financing carries an annual rate of 9.5 per cent, with a grace period of 18 months and repayment terms extending to a maximum of 10 years.

SDFC says this initiative is designed to support the economic growth of the local tourism sector, help attract investment, and ensure financial opportunities are available in accordance with Shariah standards.