...
See "Initializing the Mifos Database" in $HOME/mifostrunk/INSTALL, with one exception: the SQL files in your working copy are in /db/src/main/resources/sql/. INSTALL assumes you have a release .zip file, with SQL files in sql, not /db/sql/. INSTALL is really for war-only installs (not developers).
Set up the build - Mifos
...