Bank of Maldives (BML) Islamic has introduced personal financing services with "flexible payment plans."
The personal financing financing facility is aimed at individuals "looking to purchase consumer or home improvement goods up to MVR 100,00.00 in value."
Applications for the said service will be processed within 7 days and customers can easily pay for their goods through monthly installments.
During the special ceremony held at Bank of Maldives' head office on Wednesday morning Director of BML Islamic Zulkarnain Taman commented "we are very pleased to introduce this new product which represents a further addition to our suite of Shari'ah compliant offerings. With this financing facility, our customers will benefit from the most competitive Shari'ah compliant facility in the country."
The national bank's Islamic wing's offerings are "fully Shari'ah compliant and have been developed according to the highest international standards."
The customer deposits are maintained in a separate fund that is "utilized exclusively for Shari'ah compliant purposes." While the procedures under BML Islamic are overseen by its Shari'ah Advisory Committee.
