Bank of Maldives (BML)'s Islamic branch, on Monday, announced positive changes to its Lifestyle Financing, which is aimed for customers that receive rental income from property.
The aforementioned facility is a Shari’ah compliant financing solution based on the concepts of Murabahah, diminishing Musharakah, Wakalah and Ijarah.
BML Islamic customers can now finance between MVR 25,000 to MVR 300,000 at a rate of 15 percent without any security.
Amounts between MVR 300,000 and MVR 1.5 million carry a reduced rate of 12 percent with additional security.
"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 value for our growing customer base seeking Shari’ah compliant facilities", stated BML’s Director of Islamic Banking Suri Hanim Mohamed.
Services offered by BML Islamic are Shari’ah compliant and were developed in accordance to international best standards of Islamic banking and finance.
Applications for Lifestyle Financing will be accepted from BML Islamic located in the capital city of Male’, as well as any atoll-based BML branches.
Interested individuals can access further information on BML Islamic Lifestyle Financing at https://link.bml.com.mv/lifestyle-financing.
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