Bank of Maldives Ltd (BML)’s Islamic branch has launched a Home Construction Financing scheme, which offers housing loans for home development and repairs under Islamic policies.
BML Islamic’s Director Zulkarnain Taman told reporters that Home Construction Financing scheme will cover up to 80 percent of projects’ expenses for people that wish to take loans to buy land, build or renovate their homes.
Under the scheme, loans are to be repaid within 20 years at profit rates of 9.5 or 10.5 percent. Director Zulkarnain also vowed to launch other Islamic finance products in the future.
Speaking at the launching ceremony, BML Islamic’s Director Aishath Manike declared that the company has risen to offer the widest range of Islamic financing in the Maldives, with Islamic banking services available from 31 branches of BML across the archipelago.
She added that customers can apply for the Home Construction Financing loan scheme at all branches of BML, including the BML Islamic branch in capital Male.
Under BML’s Islamic banking policy, all the branches of the bank already offers special Islamic personal and business accounts named “Wadi’ah” to its customers, along with “BML Islamic Visa Debit” cash cards.
Other institutions that offer Islamic finance services in the Maldives include Maldives Islamic Bank (MIB) and Housing Development Finance Corporation (HDFC).
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