The Wadiah deposit service caters to individual customers as opposed to businesses. Islamic Minister Mohamed Shaheem Ali Saeed inaugurated at an event at Hotel Jen. BML’s CEO Andrew Healey, other high ranking officials of the Bank, and prominent members from a number of local organisations also attended the event. Healey said that this was a landmark achievement for the Bank. He added that even though that the Islamic banking services are only available to individuals thus far, the Bank will soon accommodate to businesses as well. “Today we’re starting off with Wadiah personal account services” Healey said “The service will inevitably expand”. He further said that Islamic banking services are important to the Maldivian society and that the service will not be perfect at its early stages. He added that the Bank will improve their services based on customer feedback. BML’s Wadiah services were approved the Bank’s Shariah committee, as well as the Maldives Monetary Authority, Healey said. “Our services fully adhere to the regulations in the Shariah” he continued. Minister Shaheem claimed that Islamic banking services are in use in over 350 parts of the world. “It is widely recognized by Muslims and Non-Muslims” he said. BML assured that there will be complete segregation of funds with separate ledgers to book Islamic products and funds and those services will fully conform to international best practices and Shari’ah compliance standards. “The Wadiah desposits include a full cheque book, internet banking and debit card services as well as access to the largest ATM and POS network in the country” the Bank said “Accounts can now be opened at any branch of the Bank”.