About Us
Fazaa which had started as a sole proprietor in 1982 became a private limited company, namely Fazaa Holdings Private Limited on 19 Dec 2019. Fazaa Holdings engages in retail trade in Addu City with four outlets in Hithadhoo. Fazaa 1, which sells construction and hardware related items; Fazaa 2, which offers general household items like kitchen appliances, cosmetics, bedding, baby items, toys, and gifts; Fazaa Silk, which sells clothing and other such apparel; and finally Royal Furniture Shop, which sells cabinets, sofas, chairs, tables, doors, book shelves, and bedroom sets, that cater to home and office needs.
We have nearly 40 years of experience in the retail business. Until just recently, and especially back in the early 80’s, Addu City only had a few outlets that were engaging in the retail business, particularly in regards to hardware and furniture. During this time Fazaa tailored to the needs of customers with quality and affordable goods that could be purchased from their home island, instead of those goods having to be purchased from Male’ City, which would be very inconvenient for the customer.
At that time our main mission was to locally provide customers with quality and affordable products. In the past few years, we have seen new retail shops open in Addu, which reflects an increase in our consumer market. Since then we have committed ourselves to creating a healthy, competitive retail market for our clients, all the while continuing to improve the quality of goods and services that we have delivered. We also play a key role in keeping the price of goods at a competitive price
In the past few years Fazaa has also provided our customers with a good credit facility service, when the banks had no such programs for people who weren’t working in civil service. Interest free long-term credit was given to customers in amounts ranging from a few hundred Rufiyaa to as high as 500000 Rufiyaa, with no guarantor or mortgage. This service was given purely out of good faith. The payback rate and commitment shown by our customers was exemplary, and most of the customers continued to take items on credit after paying back their previous debts. We did have a few customers who had issues with their payback, which was written off later as bad debts.
We also pride ourselves on having been the very first retail shop to have provided home delivery services free of charge within the five landlocked islands of Feydhoo, Maradhoo-Feydhoo, Maradhoo, Hithadhoo and Gan. We also provided free assembling services to our customers on these five islands, and the nearby islands of Meedhoo and Hulhudhoo by sending our teams to those islands.
Currently our team consists of two shareholders who actively take part in the day to day business activities. Mohamed Ibrahim Didi, a prominent businessman and a community leader had been the sole owner of Fazaa since incorporation, until it became a private company in 2019, and is now the major shareholder of the company and serves as the Managing director of the company. Shiyara Mohamed Didi is a minority shareholder, and works as a director overseeing the day to day running of the business.
In addition to the shareholders Fazaa office employs four senior staff members who focus on HR, Finances, Inventory Management, and Delivery Services. Under their supervision we have a team of 20 Maldivians and 35 foreigners. Our low human resource turnover rates show our stability and the commitment of our service to the company and its customers.
The bulk of our stock is imported from China, Dubai, Indonesia, Thailand, Jakarta, India and Malaysia. Occasionally we have purchased a few items from Male’ as well. We are one of the major importers in Addu City.
The company has enjoyed steady growth over the past decades. Currently we are focused on the construction of one of the largest retail shops in the Maldives, and we expect the shop to be open for business around early 2021. This will be a huge milestone, and a very prominent step towards increasing the scope of our business in the coming years.
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More Information
- Employer Type
- Private Business
- Industries
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- Construction of buildings
- Wholesale trade, except of motor vehicles and motorcycles
- Retail trade, except of motor vehicles and motor cycles
- Wholesale and retail trade of food and related products
- Wholesale and retail trade of electric and electronic products
- Wholesale and retail trade of clothing and foot wear
- Wholesale and retail trade of construction materials
- Wholesale and retail trade of souvenirs and related products