- Designated branch to open in Seatracs building
- Islamic finance products to be introduced
- Current operations limited, with potential to expand
Bank of Maldives (BML) is set to expand their Islamic Banking operations and will open a designated branch in the coming days.
The branch is located on the ground floor of Seatracs building and is slated to open on Thursday.
BML says they had decided to open a designated branch for their operations in order to expand and diversify their services. The Bank adds that various financial products, all Shariah compliant, will be introduced to the market as well.
Islamic Banking services were provided by the Bank by a designated desk. Customers had the option to open a Shariah compliant account. MMA had granted BML license to start the service a few years back.
Maldives Islamic Bank is the other bank providing Shariah compliant banking services. All transactions carried out by the Bank are Shariah compliant.
Seatracs building is presently closed for repairs. The operations of the Baazaar branch in the building had been relocated to BML Lite in STO Trade Center.
