- BML now processes all new personal accounts and financing under Islamic banking principles by default.
- The change is part of BML's 'Islamic Finance First' strategy, though conventional services remain available on request.
- Islamic banking funds are kept separate from conventional operations and follow international Shari'ah standards, with demand growing since 2015.
Bank of Maldives (BML) will now process all new personal account openings and personal financing applications under Islamic banking principles, while continuing to provide conventional banking services to customers who specifically request them.
The change forms part of BML’s ‘Islamic Finance First’ strategy and makes Shari’ah-compliant services the default option for new personal banking customers. The Bank has also introduced mechanisms to help existing personal account and loan holders transition to Islamic banking services.
The move follows a year-long process in which BML converted its regional branches into dedicated Islamic Banking service centres, extending access to Shari’ah-compliant products through its nationwide network.
BML said funds held through its Islamic banking products are kept entirely separate from its conventional banking operations. The services are also developed in accordance with international Islamic finance standards and practices.
BML CEO and Managing Director Mohamed Shareef said demand for the Bank’s Islamic banking services has recorded sustained growth since their introduction in 2015. He said the Bank aims to provide a wider range of Shari’ah-compliant financial solutions that can respond to the changing needs of customers.
Despite the shift towards Islamic banking as the default for new personal applications, customers who prefer conventional banking may continue to request those services directly from BML.
The Bank currently offers a range of Shari’ah-compliant accounts, cards and financing products. Its portfolio also includes what BML describes as the only Islamic credit card currently available in the Maldives.
