Bank of Maldives (BML) has stated that BML Islamic Personal Finance offers cash or products up to USD77,821.
BML stated that its personal financing will provide finance for cash, purchase of goods, finance of service, and construction or renovation of a property. The facility provides cash receipt services in accordance with the Tawarruq principle which is prominent in Islamic banking.
Tawarruq is a method of Islamic finance based on selling a commodity with a profit on the purchase price. The facility allows customers to receive cash and repay in monthly installments. Early payment will also entitle you to a discount in accordance with the bank's policies.
BML said that its Islamic Personal Finance can be applied through the internet and mobile banking application. The bank has given five days to process the facility. In addition, the bank's personal financing will accept a salary, rental income, business income, retirement pension, and any other verifiable income. BML stated that the facility offers an interest rate of 15% per year and the facility will be allocated on a pay-as-you-go basis over five years.