Bank of Maldives Ltd (BML)'s Islamic branch on Monday launched a general financing facility for individuals and businesses wishing to obtain financing for a wide range of Shari’ah compliant purposes.
In a press release, BML stated that customers can seek financing through the facility, starting from MVR 50,000 with the bank financing up to 70 percent of the requirement. The maximum repayment period for the facility is 10 years with a grace period of 12 months.
Applications for general financing will be accepted from BML Islamic’s Male’ Branch located at the headquarter building or at any BML branch outside of the capital city.
BML's Deputy CEO and Operations Director Mohamed Shareef commented, “We’re delighted to announce this new facility which offers our customers Shari’ah compliant financing for a variety of purposes, be it for personal reasons such as an acquisition of a personal asset or even to start a new business or expand an existing one. This product to our suite of financing products now available through BML Islamic.”
BML Islamic’s offerings are fully Shari’ah compliant and have been developed according to international standards of Islamic banking and finance.