BML Islamic to approve personal financing in one day

Bank of Maldives (BML) has announced a major change to its BML Islamic product approval process.

From today, the Bank intends to approve all BML Islamic Personal Financing requests in one day, paving the way for customers to enjoy the benefits of this Shari’ah compliant financing more conveniently than ever.

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BML Islamic Personal Financing is available for salaried individuals and will offer financing up to MVR 300,000. Customers can acquire via the Bank, goods such as electronics, furniture, home appliances or motorcycles, supplied by authorized dealers, and pay in monthly installment, without having to pay a processing fee or an advance payment.

BML CEO and Managing Director Tim Sawyer said “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.” 

BML Islamic is fully Shari’ah-compliant and offers a full range of Shari’ah compliant alternatives to all of its major conventional products.

BML services have been developed according to international standards and best practices for Islamic Banking. Customer deposits are maintained in a separate fund that is utilized exclusively for Shari’ah-compliant purposes. This process is overseen by the Bank’s Shari’ah Advisory Committee, which includes internationally recognized experts.

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