The Bank of Maldives (BML) has announced the recipients of its Startup Grant 2025, awarding each winner MVR 500,000 to launch or expand their business ventures.

This year’s winners are:

·      Ibrahim Miflal Fayaz – Rashi Park proposal

·      Mohamed Mimrah – Rashu Plastic Project proposal

·      Shamma Nadeem – Ladybird Kindergarten proposal

Rashi Park, to be developed in Feydhoo, Addu City, will be the first indoor children’s play park and family café in the region. The facility will feature a professionally designed multi-level play gym with slides, tunnels, a ball pit, and a toddler-safe zone, complemented by a parents’ lounge café offering refreshments, free Wi-Fi, and clear sightlines into the play area.

The Rashu Plastic Project, based in Felidhoo, Vaavu Atoll, aims to tackle plastic waste by recycling discarded materials into sustainable, market-ready products such as clocks, keychains, and sunglasses.

Meanwhile, the Ladybird Kindergarten initiative seeks to establish an Islamic Early Learning Station in Hulhumalé Phase II, providing high-quality, faith-based early childhood education for children aged three to six. The project will integrate Islamic values with play-based learning and national curriculum standards.

According to BML, winners were chosen through a two-stage evaluation process. Ten proposals were shortlisted in the first round, with finalists presenting their business plans to the evaluation committee in the second stage.

Traditionally, two winners are selected each year. However, to mark the 10th anniversary of BML Islamic, a third recipient was chosen in 2025. This year also marks the fourth consecutive year the bank has awarded the Startup Grant to aspiring entrepreneurs.