Bank of Maldives (BML) Islamic, the Shari’ah compliance banking and financing wing of the national bank introduced a new general financing facility for individuals and businesses on October 29, 2018.
According to BML Islamic customers will be able to seek financing starting from MVR50,000 and will finance up to 70% of the requirement with a maximum repayment period of 10 years with a 12 month grace period.
Speaking of this new product the deputy CEO and Operations Director of BML Mr. Mohamed Shareef said “We’re delighted to announce this new facility which offers our customers Shari’ah compliant financing for a variety of purposes, be it for personal reasons such as acquisition of a personal asset or even to start a new business or expand an existing one. This product adds to our suite of financing products now available through BML Islamic.”
The longest running financial institute of Maldives introduced its Islamic financing wing in recent years which is fully Shari’ah complaint and has been developed “according to the highest international standards of Islamic banking and finance.”
The customer funds are maintained under a separate fund that is utilized exclusively for Shari’ah complaint purposes and is overseen by BML’s Shari’ah Advisory Committee.
The Shari’ah Advisory Committee includes internationally recognized authorities in Shari’ah and scholars in the field of Islamic finance.
BML Islamic’s General Financing facility applications will be accepted from the bank’s Islamic wing’s Male’ branch or at any Bank Of Maldives branch outside Male’.