BML Islamic has introduced a loan for home construction and land purchasing.
Under this product loans will be given with a 12-month grace period with a 20-year repayment period. The interest rate for these loans are between 9.5 to 10.5 percent.
Loans will be issued based on Islamic principles. In a function held at BML Islamic this morning, Fathimath Manike the director of BML said that they plan to introduce more products.
These newly introduced products will be available through branches in the islands as well. Islamic banking services are provided from 31 branches of BML. In addition, BML Islamic customers can withdraw money from all BML atms as well.