Bank of Maldives announced on Monday a major change to the BML Islamic product approval process for the bank, with all requests for approval of BML Islamic Personal Financing within a single day.
The bank said the new change would pave the way for clients to profit more conveniently from the advantages of BML’s Shariah-compliant financing.
BML Islamic Personal Financing, open to salary-earners, offers up to MVR 300,000 in financing. Customers can purchase goods such as electronics, furniture, home appliances or motorcycles delivered through the bank by authorized dealers and pay in monthly installments without paying a processing fee or advance payment.
“This is an important step as we ensure customer convenience by easing our process. Since its launch, BML Islamic Personal Financing has been widely popular and we are delighted to make the approval process faster for our customers”, said BML’s CEO and Managing Director Tim Sawyer regarding the change.
BML Islamic offers a full range of Shariah-compliant alternatives to major traditional banking services, all produced for Islamic Banking in compliance with international standards and best practices. According to the bank, customer deposits from BML Islamic are held in a separate fund used solely for Shariah-compliant purposes, regulated by the Shariah Advisory Committee of BML.