BML opens opportunity for Islamic Financing customers to apply for moratorium

Bank of Maldives (BML) has opened the opportunity for Islamic Financing customers to apply for the 6-month moratorium on repayment.

BML announced the 6-month moratorium is now available for BML Islamic Financing customers, similar to customers repaying housing, business and personal loans. The bank stated simple interest will be charged on any outstanding payments, although no payments will have to made before the end of the moratorium period. The bank added the repayment amount will be reduced by 20% for the first 6 months after the end of the moratorium period.

BML stated customers can apply for the moratorium online, until the end of September.