Bank of Maldives Ltd (BML)’s Islamic banking headquarters. PHOTO: NISHAN ALI/MIHAARU
Maldives’ main bank opened its first Islamic banking branch late Thursday.
Speaking at the inauguration ceremony of Bank of Maldives Ltd (BML)’s “Islamic Headquarters”, the bank’s CEO Andrew Healy stated that as the Maldives is a 100 percent Islamic nation, the demand and support for Islamic banking is very high in the archipelago. However, he noted that the only bank to provide services that comply with Islamic laws and rulings earlier had been Maldives Islamic Bank (MIB) which opened in 2011.
With the opening of BML Islamic Headquarters, he declared that the Maldives’ Islamic banking sector can now meet the demand across the country.
Islamic scholar Sheikh Shuaib Abdul Rahman, the leader of BML’s Sharia advisory committee, asserted that the bank’s Islamic banking services fall under the framework of international Islamic banking standards.
The chief guest at the ceremony, Islamic University of Maldives’ chancellor Mohamed Shaheem Ali Saeed said, “… BML Islamic is the opening of a great door of opportunity for Islamic banking in the Maldives.”
Declaring that the Maldives has set an example for Islamic financial services, with the Maldives Centre for Islamic Finance and sales of government securities according to Islamic law as examples, Shaheem added that BML Islamic is a revolution for the country’s Islamic banking sector.
BML Islamic Headquarters, which is adorned with the traditional green of Islamic financial institutions instead of BML’s official colour red, will commence services Monday.
Under BML’s Islamic banking policy, all the branches of the bank already offers special Islamic personal and business accounts named “Wadi’ah” to its customers, along with “BML Islamic Visa Debit” cash cards.