Maldives Islamic Bank (MIB) has introduced a loan scheme for the education sector, under which education sector personnel will be given a credit limit of MVR 100,000.
An agreement was signed in this regard between the Education Ministry and MIB on Thursday, by Education Minister Dr Aishath Shiham and Managing Director of MIB Haris Haroon.
Marketing and Sales representative of MIB Mohamed Shafau Hassan said that people can purchase items such as furniture, vehicles, and construction material under this scheme on credit via the bank.
“Furniture loans will have to be repaid in 11 months; motorbikes in 3 years, and construction material in 18 months. This service will be available at shops with which we have agreements,” he said.
He said that the employee will be required to have an account with the bank as the amount will be deducted from his salary, and that profits for the bank vary between MVR 900 and MVR 10,000 depending on the items.