Bank of Maldives – Islamic - has launched its first home finance products with some of the lowest lease rates offered in the country.
The home construction and real estate financing products were launched in a function held this Wednesday at BML Islamic’s headquarters in Male’ City.
BML reports the products were introduced in correspondence with the huge demand for housing financing in the country.
BML reports the products are available across the country, starting this Wednesday.
Applications will be accepted from BML Islamic’s headquarters in Male’ City as well as the bank’s branches in the atolls.
“We are delighted to announce our first home financing products. Our customers will be able to apply for Shari’ah-compliant home construction and real estate financing facilities from today onwards. I know this will be welcome news in the community especially for our customers looking for banking solutions in accordance with Shari’ah-compliant principles. We look forward to funding homes across the country to meet our customers’ demands,” said Director of BML Islamic, Zulkarnain Taman.
BML Islamic reports that it is fully Shari’ah-compliant and has been developed in accordance with international standards and best practices for Islamic banking.
Money deposited by BML Islamic’s customers are maintained in a separate fund that is utilized exclusively for Shari’ah-compliant purposes.
The process is overseen by the Bank’s Shari’ah Advisory Committee, which includes internationally recognized experts.