BML introduces first Shari'ah compliant credit card in Maldives

Bank of Maldives (BML) has launched a Shari'ah compliant credit card today.

Operated within the American Express Card network, this new BML Islamic credit card launched today introduced a host of foreign and domestic benefits for customers including exclusive savings on booking.com and dining experiences.

The card also offers installment payments for goods purchased through BML EasyPay.

The bank has stated that the credit card was introduced in compliance with the principle renown throughout Islamic banking, Ujrah which charges an agreed fee for provision of customer services.

Customers of this card are also offered the chance to register for the BML Rewards program wherein points can be collected for purchases made through the card. These points can be used to obtain international and local merchant vouchers, car rentals as well as hotel and airplane ticket bookings.

Director of BML Islamic Banking, Hassan Kalaam stated that the card was tailored to indulge the needs of customers who wish to use Shari'ah compliant payment solutions.

"We are delighted to introduce these cards as part of our efforts to expand BML Islamic in line with our customer demand and is part of our ongoing commitment to support the development of Islamic finance in Maldives.” said Kalaam.

Divya Jain, Vice President and General Manager of Global Network Services, Asia and South Pacific Growth Markets, American Express further highlighted that this card demonstrates their commitment to providing unique value and access to global benefits for Bank of Maldives Card Members.

This new BML Islamic credit card marks the first Shari'ah compliant card introduced in Maldives and has built-in advanced security features similar to the bank's other cards. The BML Islamic American Express Card is available in Standard, Gold and Platinum.