Maldives Finance Leasing Company Private Limited was set up in 2001 and commenced operations in June 2002. The IFC which had been the catalyst behind the liberalisation of the Maldivian financial services sector continued its support by participating in the company’s initial equity investment along with the National Development Bank of Sri Lanka , who is also the company’s technical partner, providing the required technical support to the fledgling industry. The Bank of Maldives, the country’s largest indigenous commercial bank and the state owned Maldives Transport and Contracting Company, the country’s largest sea transport operator, were among the larger promoters and equity partners in the company.

MFLC’s objective is to provide finance leases to small and medium scale business enterprises in the Maldives . Products offered currently are limited to full pay out finance leases. The predominant type of assets leased are marine vessels followed by equipment for resorts, fish processing plants and restaurants. A limited amount of vehicles are also leased for commercial purposes.

We are an institutional member of ALFA (Asian Leasing and Finance Association), www.alfaworld.org, a regional grouping of leasing companies and national leasing associations from East Asia, South Asia and the Middle-east, with its secretariat in Jakarta, Indonesia. The next General Assembly sessions are scheduled for April 2007 in the island of Bali, Indonesia.

MFLC hosted the ALFA Governing Council meeting in the Maldives in August 2005. This occasion presented the Maldives, the MMA and its nascent leasing industry a momentous occasion with immense promotional value and inestimable goodwill which was of enormous long term benefit to us all.

We are listed in the World Leasing Yearbook www.euromoney-yearbooks.com