Bank of Maldives (BML) has opened online applications for BML Islamic Financing.
BML stated online applications for Islamic Personal Financing was opened as part of changes brought to offer better banking and easy access to services. BML stated customers can now log in via internet banking or mobile app to apply for BML Islamic Personal Financing.
BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to USD20,000. BML Islamic Personal Financing portfolio also allows the option of cash financing in addition to the purchase of goods and services. For individuals who do not earn a fixed salary, BML Islamic Personal Financing (Micro) is available to finance up to USD1,600.
Personal Financing and Personal Financing Micro offers customers the option to repay in monthly instalments up to 5 years. BML Islamic Personal Financing facility cash financing is based on the concept of Tawwaruq, which is a widely recognised Islamic finance concept used to generate liquidity for customers through a process of buying and selling commodities.
Customers who have an existing BML Lui Express or Lui loan are eligible to refinance existing facilities.