Business

100% of atoll shop revenue to be disbursed to local councils

Published

2 years ago

28/05/2022

MNN

President Ibrahim Mohamed Solih has decided to disburse 100% of revenue from atoll shops into local councils. He announced the decision at the Viavathi Raajje conference being held in Ukulhas, Alifu Alifu Atoll.

Atoll shops were established with public shares to facilitate means to generate revenue to the atolls for development projects. However, before the current administration took office, atoll councils had not received any revenue from atoll shops since 2014.

Upon assuming office in 2018, the current administration began disbursing revenue from atoll shops to the respective atoll councils as part of efforts to financially empower local councils. As such, the administration had disbursed the atoll shop revenue from 2014 to 2017 to the atoll councils, before the COVID-19 pandemic forced a halt to the disbursement of revenue from subsequent years to the councils.

However, President Solih has revealed that atoll shop revenue from 2018 and 2019 will be disbursed to the local councils next week. He also noted that currently local councils receive 50% of the atoll shop revenue while the government receives the other 50% but that local councils will now receive 100% of the revenue.

Also at the conference, Minister of Finance Ibrahim Ameer said that amount local councils will receive as atoll shop revenue from 2018 has increased from USD1.1 million to USD2.2 million due to President Solih’s decision.

In December 2019, the finance ministry disbursed USD1.16 million as the atoll shop revenue from 2016 and USD1.33 million as revenue from 2017 to the respective atoll councils.

Source: psmnews

Business

BML announce new MVR 1-mil loan facility without collateral

Published

10 hours ago

06/05/2024

The Bank of Maldives (BML) on Monday officially announced the launch of two new home loan products; the Home Build Loan and the Home Equity Loan.

The new loan facilities have been introduced to cater to the growing customer needs for home construction and renovation, BML said.

The new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. The facility provides a repayment period of over 15 years, which is ideal in renovation projects or larger home construction projects across the Maldives.

The bank also, for the first time, has introduced Home Equity Loan for existing Home Loan and Financing customers. This new facility enables these customers to borrow up to the repaid amount, or the usable equity, of the primary loans. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.

Moosa Nimal, the Director of Retail and SME Banking said, “These products are designed to make access to finance easier for our customers across the country.”

“The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%.”

The newly introduced loan facilities are available for BML Islamic customers as well.

Source(s): sun.mv

Business

MIB signs an agreement to expedite business registration process

Published

2 days ago

04/05/2024

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

Business

MTCC reports staggering 82.9% net profit drop

Published

5 days ago

01/05/2024

Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv