SME Digital has announced a special open day aimed at converting conventional loans issued by the institution into Shariah-compliant financing facilities.

The open day will be held at Maldives Polytechnic on Saturday from 10:00 a.m. to 4:00 p.m.

SME Digital said the initiative is intended to complete the refinancing of all conventional loans issued by the institution within a short period. Eligible customers have already received refinancing offers through the SME portal.

Customers attending the open day will be able to review the offers, seek clarification from SME Digital staff and complete the refinancing process by signing new agreements. The organisation said attendees must bring their national identity cards for verification purposes.

SME Digital said customers who switch to Shariah-compliant financing facilities would benefit from longer repayment periods and lower monthly instalments.

The company also said customers facing repayment difficulties would have the opportunity to improve their credit records by maintaining regular repayments during the six months following the signing of the new agreements.