As part of the changes to "offer banking and easy access to services", the Bank of Maldives (BML) announced that its BML Islamic customers can now apply for Personal Financing via internet and mobile banking applications.
Customers of BML Islamic can now log via their internet or mobile banking profiles and apply for BML Islamic Personal Financing similar to their conventional counterparts.
BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to MVR300,000.
The BML Islamic Personal Financing portfolio also allows cash financing in addition to the purchase of goods and services.
On the other hand, for individuals who do not earn a fixed salary, BML Islamic Financing (Micro) is available to finance up to MVR25,000.
The Personal Financing and Personal Financing (Micro) offers customers with the option of repaying in monthly installments up to five years.
Furthermore, BML Islamic Personal Financing facility is based on the concept of Tawwaruq; which is a widely recognized concept used to generate "liquidity for customers through a process of buying and selling commodities."
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