The Bank of Maldives has introduced new Islamic Finance products for businesses.
The bank made this announcement in a press conference they held today where the Deputy CEO of the bank, Mr Mohammed Shareef spoke. He stated that the provision of new Islamic Finance products to businesses was a step forward for the bank.
Mr Shareef also stated that these new products are aimed at providing assistance to businesses and are a step towards promoting small to mid-tier entrepreneurship in the Maldives.
The new products introduced by BML under Islamic Finance include Retailers Finance, Business Development Financing, Letter of Credit, and Bank Guarantee, along with bringing some changes to General Financing as well.
BML stated that their Islamic Finance products were designed based on the international best practice standards of Islamic Banking and in accordance with principles laid out in Shariah law.