Bank of Maldives on Monday announced a major change to the bank's BML Islamic product approval process, with all BML Islamic Personal Financing requests to be approved within a single day.
The bank stated that the new change will pave the way for customers to enjoy the benefits of BML's Shariah-compliant financing more conveniently.
BML Islamic Personal Financing, which is available for salaried individuals, offers financing up to MVR 300,000. Customers can acquire goods such as electronics, furniture, home appliances or motorcycles supplied by authorised dealers via the bank, and pay in monthly installments without paying a processing fee or advance payment.
"This is an important step as we ensure customer convenience by easing our process. Since its launch, BML Islamic Personal Financing has been widely popular and we are delighted to make the approval process faster for our customers", said BML's CEO and Managing Director Tim Sawyer regarding the change.
BML Islamic offers a full-range of Shariah-compliant alternatives to the bank's major conventional products, all developed according to international standards and best practices for Islamic Banking. According to the bank, BML Islamic's customer deposits are maintained in a separate fund utilised exclusively for Shariah-compliant purposes, which is overseen by BML's Shariah Advisory Committee.