The Maldives Monetary Authority (MMA) has given its permit for a local party to operate a new finance leasing company.
The country’s central bank has given permission to CMD Finance Leasing Company on Wednesday, 08 January 2020.
The official permit from MMA was awarded by Maldives Governor Ali Hashim, which were received by CMD’s Managing Director Ibrahim Zahir and Director Ibrahim Rasheed.
The new finance leasing company is owned by a locally registered JMT Private Limited with a majority share of 99%.
The parent company of CMD Finance, JMT Private Limited’s 80% is owned by a Japan venture.
Under the permit from MMA, CMD Finance Leasing Company is subjected to commence their commercial operations before 08 July 2020.
CMD Finance Leasing Company will provide credit schemes to purchase goods – in bulk capacity and mainly commercial purposes – much like other major banks in Maldives.
With the inception of CMD Finance Leasing Company, the island nation will have two such businesses delivering leasing services as their primary business conduct.
So far Maldives Finance Leasing Company (MFLC) have been the only locally operated company exclusively providing leasing services.