Bank of Maldives has opened an Islamic Bank named BML Islamic. This bank will provide shariah compliant banking services and is the second Islamic bank opened in the Maldives. The bank is located at the former Baazar Branch of BML, SeaTracks Building.
The Bank was officially opened by the Chancellor of Islamic University of Maldives Dr.Muhammad Shaheem Ali Saeed.
At the Opening ceremony Dr.Shaheem said that Maldivians have wished for an Islamic Bank operated by BML for a long time and all Maldivians will be happy tonight because their wish has been fulfilled. He further said that BML has made a great sacrifice by opening an Islamic Bank and that everyone should be thankful for that. Dr. Shaheem also requested everyone to cooperate with the bank.
Dr. Shaheem said that, in the upcoming semester, they will start foundation and diploma level courses of Islamic Finance at IUM and invited everyone to use the opportunity and study Islamic finance.
Speaking at the ceremony the CEO of BML Andrew Healy said that this service is of utmost importance in a 100% Islamic country like the Maldives. “BML Islamic will operate in such a way that all citizens of the country can get services from it” said Mr.Healy.
Mr.Healy said that Maldivians have always wanted an Islamic bank and so far there is only one Islamic Bank.
He said that they will provide banking services to everyone based on Shariah principles. He also said that even businesses will receive services which are Shariah compliant.
He further said that even though, the head office of the bank is located in Male’, customers will be able to get the bank’s services from the 22 BML branches within the atolls.
Mr.Healy said that they will first start “home financing” service and expect to start it within this month. He said that they will lend money to buy houses and also new products will be introduced soon.
Mr.Healy said that BML always strive to provide the most needed services to the people of Maldives.