The Bank of Maldives (BML) has arranged for accounts opened by individuals and personal loans taken to be easily transitioned to services complying with Sharia principles under the "Islamic Finance First Policy."
BML stated that starting today, new accounts opened by individuals and personal loans requested from the bank will also be issued in alignment with Islamic banking principles.
"Under the bank's Islamic Finance First Policy, the bank converted all branches established in the atolls into Islamic banking branches during the past year, and those branches are now providing services by giving priority to Islamic banking services," BML stated in a written document shared with the media.
BML stated that the bank provides Islamic banking services by keeping products designed in accordance with Sharia and the BML Islamic banking fund completely separate. The bank also stated that these services are provided in accordance with internationally recognized best practices and standards in the field of Islamic banking.
BML CEO and Managing Director Mohamed Shareef stated that since the bank introduced Islamic banking services in 2015, these services have received immense support over the past 10 years.
"The work initiated today is an important step taken to shape the future of the Maldives' banking sector. The bank's objective is to provide customers with complete financial services that comply with Sharia principles, and to adapt services in line with the changing needs of society," he stated.
While new accounts and personal financing services opened by individuals are scheduled to be provided according to Islamic principles, the bank has also arranged for conventional banking services to be available to customers should they wish to use them.
BML is the bank providing Islamic banking services on the widest scale in the Maldives. This includes Sharia-compliant accounts, cards, and financing services. Furthermore, BML is currently the only bank issuing an Islamic credit card in the Maldives. The bank stated that transitioning personal banking services to Islamic banking highlights the priority BML places on expanding Islamic banking in the Maldives.
