The Bank of Maldives (BML) has launched a Personal Financing Facility on Wednesday.
The facility caters to individuals seeking to purchase consumer or home improvement goods upto MVR 100,000 in value from over 50 shops.
According to the Bank, applications for this facility will be processed within a week and customers can conveniently pay for their purchases in monthly installments.
“We are very pleased to introduce this new product which represents a further addition to our suite of Shari’ah compliant offerings. With this financing facility, our customers will benefit from the most competitive Shari’ah compliant facility in the country.” said Director of BML Islamic Zulkarnain Taman speaking at a ceremony held at BML head office on Wednesday morning.
#BMLIslamic has introduced a Personal Financing Facility for individuals looking to purchase consumer or home improvement goods up to MVR 100,000. Applications will be processed within 7 days and customers can pay for their goods in monthly instalments. https://t.co/EL2wz9u4U0 pic.twitter.com/Aonb58cpPf
— Bank of Maldives (@bankofmaldives) May 2, 2018
The bank also says that their Islamic’s offerings are fully compliant to Shari’ah and have been evolved under the highest international standards, customer deposits are maintained in a separate fund that is utilized exclusively for Shari’ah compliant purposes and are overseen by the Bank’s Shari’ah Advisory Committee which includes internationally renowned Shari’ah scholars in the field of Islamic finance.
