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Dhivehi Insurance’s most recent product is the “Trade Credit Bond”, launched at the Corporate Maldives Gold 100 gala event held on 25th February in Dharubaaruge.
The purpose of this policy is to ensure that the suppliers avoid the impact of debts and also to enable individual buyers to attain favourable credit terms for their purchasing requirements. Suppliers can easily grow their sales through a guaranteed credit facility and buyers are provided with the opportunity to source materials on credit and manage their cash flow better.
Major suppliers in the market, such as Sonee Hardware, Apollo, Nalahiya and Damas are already onboard with the product by Dhivehi Insurance as registered partners offering credit facilities through this scheme. Further, the company revealed that negotiations are ongoing with additional suppliers, all of whom expressed keen interest to incorporate this product into their existing credit facilities.
The Trade Credit Bond opens up new market possibilities for businesses. It offers guaranteed credit facilities and results in improved cash flow management, reduced bad debt provision, improved sales as well as decreased credit management costs.
The insurance company has received great support and praise from key market players for Dhivehi Insurance’s efforts to introduce such a scheme during the current economic conditions in the Maldives. The company’s aim is to grow the supplier base and provide a variety of options for customers to choose from.