Bank of Maldives (BML)'s Islamic branch, on Sunday, introduced Green Financing for individuals and businesses seeking to fund environment-friendly projects such as solar power generation or investments in energy efficient products.
Customers eligible for the newly introduced unsecured Green Financing can attain between MVR 50,000 to MVR 500,000 without any additional security or equity contribution, at a rate of 12 percent for a 5-year period.
Additionally, BML Islamic offers a secured facility at a rate of 10 percent for personal and business customers that require financing for larger investments of up to MVR 20 million.
While the secured facility requires an equity contribution of 15 percent and a security worth 150 percent of the financing amount, customers will be granted an extended repayment period of 20 years.
"Our Green Financing product provides customers with a Shari’ah compliant facility to pursue environment friendly projects at a time where there is a growing demand for such solutions. With this facility introduced today, BML Islamic now offers a comprehensive and competitive product portfolio for both personal and business customers", stated BML’s Director of Islamic Banking Suri Hanim Mohamed.
All services offered by BML Islamic are Shari’ah compliant and were developed in accordance to international best standards of Islamic banking and finance.
Applications for Green Financing will be accepted from BML Islamic located in the capital city of Male’, as well as any atoll-based BML branches.
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