BML Islamic on Monday, 21 December made announcement of positive changes to their Lifestyle Financing.
Moreover, the Shariah compliant wing of Maldives national bank notes the changes are towards personal customers receiving rental income from their properties.
The BML Islamic Lifestyle Financing facility is a Shariah compliant financing solution based on the Islamic concepts of Murabahah, Diminishing Musharakah, Wakalah and Ijarah.
Furthermore, BML Islamic notes for the unsecured Lifestyle Financing, customers can finance from MVR25,000 up to MVR300,000 at a rate of 15% without any security.
On the other hand, financing amounts from MVR300,000 up to MVR1.5 million, customers can enjoy a reduced rate of 12% with additional security.
Speaking about the new changes, the Director of Islamic Banking of BML, Ms. Suri Hanim Mohamed comments “We’re pleased to announce these positive changes which are ideal for customers who receive rental income through property.”
“We are continuously working to improve our portfolio and offer the best vaue for our growing customer base seeking Shari’ah compliant facilities,” she adds.