Bank of Maldives (BML) has introduced new and specialized services to the Islamic Financing sector.
Two new products, Retailer’s Financing and Business Development Financing were unveiled in a press conference held yesterday. Furthermore the bank also announced changes to their Letter of Credit, General Financing and Bank Guarantee services as well.
One of the two key products launched today – BML Retailer’s Financing is a service that benefits businesses that earn MVR 50,000 on average per month using the Bank’s POS solutions. Eligible customers can now get credit loans of up to MVR500,000, with a term of 4 years, without a mortgage.
BML Islamic Business Development Finance service profoundly mitigates mortgage-related affairs and aids businesses with their financial capitals. According to BML, customers can now apply for this service under the BML Guarantee scheme.
In a press conference, BML Deputy CEO and Director of Operations Mohamed Shareef stated that he is extremely satisfied with the services that were introduced to aid customers who follow “Shariah Compliant” banking – banking within the confines set by the rules and regulations decreed by the Shariah Law.
He further highlighted that all conventional services provided by the national bank are now available through BML’s Islamic Banking services as well.
“Our Islamic Banking services have broadened quite a lot. The services we are introducing today will pave the way for small and medium businesses. This is a part of a larger scheme which would back “Shariah Compliant” businesses” says Shareef.
The Bank of Maldives assures that they will continue to expand the Islamic Banking sector, adding more and more services in the near future.