Bank of Maldives (BML) Islamic has introduced a personal financing facility for individuals looking to purchase consumer or home improvement goods up to USD 6,472 in value. Applications for the facility will be processed within 7 days and customers can conveniently pay for the goods in monthly instalments, said BML Islamic.
Director of BML Islamic Zulkarnain Taman said, at a ceremony held, BML is pleased to introduce the new product which represents a further addition to its suite of Shari'ah compliant offerings. The Director of BML Islamic added the financing facility will benefit from the most competitive Shari'ah compliant facility in the country. BML Islamic's offerings are fully Shari'ah compliant and have been developed according to the highest international standards, according to Zulkarnain Taman.
Customer deposits are maintained in a separate fund that is utilised exclusively for Shari'ah compliant purposes, overseen by the Bank's Shari'ah Advisory Committee which includes internationally renowned Shari'ah scholars in the field of Islamic finance.