Maldives’ main bank introduced Monday a new deposit account for enterprises under their Islamic Banking services. An official of Bank of Maldives Limited ( BML ) stated that the new “Wadi’ah Business Account” entirely follows Islamic principles within the framework of international Islamic Banking. The official explained that under their new service, customers’ deposits will be collected in a separate fund, which will be used for processes within Islamic rulings. BML’s CEO Andrew Healy added that the bank’s Islamic Banking team will deliver information on finance to businesses that seek Wadi’ah Business Account services. The bank had introduced Islamic Banking earlier this year via all its branches, ATMs and POS networks across the Maldives. Currently, BML is the only bank to offer Islamic Banking throughout the nation. BML had also commenced issuing visa debit cards via Islamic Banking to facilitate online payments overseas in accordance with Islamic principles. The bank had also introduced a finance scheme for small and medium enterprises in collaboration with the economics ministry in August. The chosen applicants for the scheme will be announced next week.