BML to process all new personal accounts and loans under Islamic banking principles

Bank of Maldives (BML) has announced that effective Sunday, all new personal accounts and personal financing applications will be processed exclusively under Islamic banking principles.

The move has been hailed by the national bank as “a significant step forward” in its 'Islamic Finance First' strategy.

In a statement on Sunday announcing the change, BML said it has also introduced simple and convenient mechanisms to help existing personal account and loan holders’ transition smoothly to Shari'ah-compliant services.

“This milestone builds on a year-long effort in which BML rebranded all its regional branches into dedicated Islamic Banking service centers, extending Shari'ah-compliant solutions across its entire national network,” states the bank.

BML's Islamic banking products are Shari'ah-compliant, with customer funds kept completely separate from conventional banking operations. All services are developed in line with international best practices and standards in Islamic finance.

BML's CEO and Managing Director Mohamed Shareef stated that the bank has been strong and sustainable growth in demand for the services since introducing Islamic banking in 2015.

“Today's milestone marks a pivotal moment for the Maldivian banking sector. Our goal is to provide customers with comprehensive Shari'ah-compliant financial solutions that grow with the evolving needs of our community,” he added.

Customers who prefer conventional banking options may still request these services directly from the bank.

BML states that it remains the Maldives' leading provider of Islamic banking services, with a comprehensive range of Shari'ah-compliant accounts, cards and financing solutions, including the only Islamic credit card currently available in the country.

 The bank states that the transition reflects its ongoing commitment to expanding the reach and impact of Islamic finance across the Maldives.