SME Digital has announced that all existing conventional loans will be converted into Islamic financing facilities.

The refinancing initiative was first introduced in October last year. During the initial phase, priority was given to customers facing difficulties in repaying their loans. The company stated that a significant number of facilities were converted into Shari’ah-compliant arrangements under that phase.

The second phase now extends the conversion opportunity to all remaining customers. The institution stated that the refinancing structure includes options such as revised monthly instalments and extended financing tenures. Customers with overdue facilities will also be able to regularise their accounts through Islamic financing contracts.

Refinancing offers are being issued through the SME Portal to customers who were not covered in the first phase. The conversion process will proceed once customers review and accept the offer via the portal. SME Digital will then contact customers with further details regarding the updated financing arrangements.

Chief Executive Officer Badhurudheen Hassan stated that the objective is to transition all existing facilities into Islamic financing contracts as part of the company’s wider operational shift. He added that the move is intended to provide financing solutions structured under Islamic principles.

Customers may review and accept their refinancing offers through the SME Portal available on the SME Digital website.