The national bank, Bank of Maldives (BML) has said BML Islamic customers now have the option to apply for Personal Financing via internet and mobile banking.
BML is offering the service as part of changes to offer better banking and easy access to services. The Bank said 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 MVR 300,000. 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 MVR 25,000.
Personal Financing and Personal Financing Micro offers customers the option to repay in monthly installments for up to 5 years. BML Islamic Personal Financing facility cash financing is based on the concept of Tawwaruq, which is a widely recognized 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.
