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MMA Rules BML’s Acquisition of SDFC Illegal Under Banking Act
The Maldives Monetary Authority has determined that the Bank of Maldives acquired the SME Development Finance Corporation without the prior approval required under the Maldives Banking Act, and has written to government authorities saying the transaction cannot proceed until legal procedures are followed. BML had announced plans to convert SDFC into a Sharia-compliant subsidiary and pledged hundreds of millions of rufiyaa in lending to SMEs and start-ups.
Sources1carried itMR1 of 19 news outlets we monitor
Figures4as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
What happened
in order; days are read from the reports' words and dates
Sun 20 JulThe President's Office said the decision to transfer SDFC to BML followed Cabinet-level discussions based on a proposal by the state-owned …on Sundayonly Maldives RepublicThe President's Office said on Sunday that the decision to transfer SDFC to BML came following Cabinet-level discussions based on a proposal submitted by the state-owned bank.
Word for word from the report in Maldives Republic. Open the report
How the reporting differs
one source so far
Maldives RepublicNews outlet
MMA Rules BML’s Acquisition of SDFC Illegal Under Banking Act
MVR 500 million SME lending pledged by BML in first year
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
MVR 500 millionSME lending pledged by BML in first yearMaldives RepublicBML pledged to disburse MVR 500 million to small and medium enterprises (SMEs) in the first year, with a target of MVR 1.9 billion over five years.
Word for word from the report in Maldives Republic. Open the report
MVR 1.9 billionSME lending target by BMLMaldives Republicwith a target of MVR 1.9 billion over five years
Word for word from the report in Maldives Republic. Open the report
MVR 300 millionStart-up support earmarked by BMLMaldives RepublicAdditionally, MVR 300 million has been earmarked over the next three years to support start-up ventures.
Word for word from the report in Maldives Republic. Open the report
nearly MVR 2 billionLoans disbursed by SDFC since inceptionMaldives RepublicSince its inception, the financial institution has disbursed nearly MVR 2 billion in loans to support small business development across the country.
Word for word from the report in Maldives Republic. Open the report
Other events named
no clear day, as worded
The SME Development Finance Corporation was established as a specialised lender for SMEs.in 2019MaldivesMaldives RepublicSDFC was established in 2019 under the administration of the Maldivian Democratic Party (MDP) as a specialised lender for SMEs.
Word for word from the report in Maldives Republic. Open the report
