Business

Econ Minister assures food supply without interruption

Published

2 months ago

28/02/2024

Minister of Economic Development and Trade Mohamed Saeed, has assured Maldives will receive essential food item supplies without interruptions.

Speaking at a recent rally at Shaviyani atoll Milandhoo, the minister said a shipment of flour from Turkey has been dispatched already, and added that the government has already arranged for uninterrupted supply of essential food items throughout the year.

He added that President Dr. Mohamed Muizzu has arranged for a total quantity to last one entire year with an additional 10% of essential food rations from Turkey.

According to minister Saeed, under the Free Trade Agreement (FTA) with the Turkish government, Maldives will now have ease of importation of 35 different types of commodities from the Middle-Eastern ally.

The minister further announced government’s strategies to maintain prices of staple and other essential foods with the assistance of State Trading Organization (STO). He said that a working committee has already been formed comprising of the ministry and STO’s officials, who are working with the oversight of the President’s Office.

Additionally, the minister said a Maldivian trade delegations will be flying to the UK on May 15, 2023 and to Washington, US, on July 10, 2024, to seek advise and support on shaping up the public finance sector of the Maldives for long-term efficiency.

Source(s): sun.mv

Business

TMA becomes first Asian operator to receive Havilland Certificate

Published

4 hours ago

08/05/2024

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, receives De Havilland Canada’s endorsement certificate, making it the first operator in Asia to achieve the recognition.

At the official endorsement ceremony held last Sunday, De Havilland’s Chief Executive Officer Brian Chafe awarded the endorsement to TMA Chief Executive Officer A.U.M Fazy.

De Havilland owners Sherry Brideson and Robert McDonald, along with senior representatives of the Canada’s aerospace company and TMA officiated the ceremony.

TMA Chief Fauzy had thanked De Havilland’s continued support with its Twin Otters, elevating the operator’s success.

De Havilland CEO highlighted TMA’s success of completing two million flight cycles, which he added is unprecedented anywhere else.

The Canadian aerospace company affirmed continued support to TMA in future as well.

Source(s): sun.mv

Business

BML announce new MVR 1-mil loan facility without collateral

Published

2 days 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

4 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.