Bank of Maldives (BML) has announced positive changes to its BML Islamic Personal Financing portfolio to allow the option of cash financing in addition to the purchase of goods and services.
BML Islamic Personal Financing facility cash financing is based on the concept of Tawwaruq, a widely recognized Islamic finance concept used to generate liquidity for customers through buying and selling commodities. This facility offers customers the option to receive cash immediately and repay in monthly installments of up to 5 years.
BML’s CEO and Managing Director, Tim Sawyer, said similar to many Shari'ah-compliant banks in the region, the Bank is delighted to offer multiple options for its personal financing facility.
BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to MVR 300,000 at a rate of 15%. For individuals who do not earn a fixed salary, BML Islamic Personal Financing (Micro) is available to finance up to MVR 25,000 at a rate of 12%.
BML said customers who have an existing BML Lui Express, Lui Professional, or Lui loan are eligible to refinance existing facilities.