Bank of Maldives (BML) has announced changes to its Islamic Personal Financing portfolio to allow the option of cash financing in addition to the purchase of goods and services.
BML Islamic Personal Financing facility cash financing is based on the concept of Tawwaruq, which is a widely recognised Islamic finance concept used to generate liquidity for customers through a process of buying and selling commodities. The facility offers customers the option to receive cash immediately and repay in monthly installments of up to five years.
CEO and Managing Director Tim Sawyer said BML is delighted to now offer multiple options for our personal financing facility like in many Shari'ah-compliant banks in the region.
BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to USD 19,422 at a rate of 15%. In addition, for individuals who do not earn a fixed salary, BML Islamic Personal Financing is available to finance up to USD 1,618 at a rate of 12%.
Customers who have an existing BML Lui Express, Lui Professional, or Lui loan are eligible to refinance existing facilities.