Bank of Maldives has announced positive changes to its BML Islamic Personal Financing portfolio to allow the option of cash financing in addition to the purchase of goods and services.
BML Islamic Personal Financing facility cash financing is based on the concept of Tawwaruq, which is a widely recognised Islamic finance concept used to generate liquidity for customers through a process of buying and selling commodities. This facility offers customers the option to receive cash immediately and repay in monthly instalments of up to 5 years.
BML’s CEO and Managing Director, Tim Sawyer commented, “Like in many Shari’ah compliant banks in the region, we are delighted to now offer multiple options for our personal financing facility. Offered under a widely used Islamic financing concept, customers can now choose to either purchase goods, services or receive cash.”
BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to MVR 300,000 at a rate of 15%. For individuals who do not earn a fixed salary, BML Islamic Personal Financing (Micro) is available to finance up to MVR 25,000 at a rate of 12%.
Customers who have an existing BML Lui Express, Lui Professional or Lui loan are eligible to refinance existing facilities.