Applications have opened for the third phase of the Murabahah RSW Financing Scheme, a programme aimed at installing Refrigerated Seawater (RSW) systems on 200 fishing vessels. The initiative is run jointly by the Ministry of Fisheries and Ocean Resources, the Lives and Livelihoods Fund (LLF), the Islamic Development Bank (IsDB), and SME Digital.
The scheme provides Shariah-compliant financing for RSW systems, solar panels, and generator sets, with the stated aim of helping fishing vessels modernise operations and reduce reliance on ice. The financing structure combines instalment sale financing from IsDB with grant support from LLF. The total fund allocation for this phase stands at USD 9.69 million, of which USD 3.392 million is provided as a grant. Successful applicants receive a 35 per cent grant on the cost of the RSW system once installation is completed.
Financing is available up to MVR 2 million, with a grace period of up to six months and a repayment period of up to ten years. Profit is charged at an annual rate of 6 per cent, and applicants are not required to provide collateral or equity.
Applications can now be submitted through the SME Portal on smedigital.mv.
Commenting on the opening of the third phase, SME Digital CEO Badhurudheen Hassan noted that vessel owners across the country have already begun adopting RSW systems under earlier phases, adding that the technology offers a practical solution to long-standing challenges with sourcing ice and managing operating costs.
The project also encourages the use of renewable energy solutions to reduce the carbon footprint of fishing activities. According to project partners, the broader objective is to support long-term sustainability and resilience within the fisheries sector.
Under the first two phases, which were launched in 2024 and 2025 respectively, MVR 44.99 million has so far been approved for 35 applicants, with disbursements ongoing.
