Bank of Maldives (BML) has announced the winners of Startup Grant 2025.
The grant, aimed at emerging entrepreneurs, offers each recipient USD 32,425 to start or grow a business.
This year’s winners are Ibrahim Miflal Fayaz, for his Rashi Park proposal, Mohamed Mimrah for his Rashu Plastic Project proposal, and Shamma Nadeem for her Ladybird Kindergarten proposal.
The Rashi Park proposal involves the development of an indoor children’s play park and family cafe’ in Feydhoo, Addu City. It will be the first facility of its kind in Addu, featuring a professionally designed multi-level play gym with slides, tunnels, a ball pit, and a toddler-safe area, alongside a parents’ lounge café offering refreshments, free Wi-Fi, and clear sightlines into the play zone.
The Rashu Plastic Project focuses on transforming plastic waste into practical, sustainable products by collecting and recycling discarded plastics into innovative, market-ready items such as clocks, keychains, sunglasses, and more. The Recycling setup for this project will be established in Felidhoo, Vaavu Atoll.
The Ladybird Kindergarten proposal aims to establish an Islamic Early Learning Station as a pioneering educational initiative in Hulhumale’ Phase 2, designed to provide high-quality, faith-based early childhood education for children aged 3 to 6. The project addresses the growing need for structured learning environments that integrate Islamic values with play-based exploration and national curriculum standards.
According to BML, the winners were selected through two competitive stages of evaluation. In the first stage, applications were assessed to shortlist the 10 most promising proposals. The shortlisted businesses were then required to present their business plan to the evaluation committee in the second round.
Each year, two winners are selected to receive the grant. However, this year, on the occasion of its 10th anniversary of BML Islamic, a third winner was selected to receive the grant. This year also marks the fourth consecutive year the bank has awarded Startup Grant to aspiring businesses.