Bank of Maldives (BML), on Wednesday, has announced positive changes to its BML Islamic Personal Financing portfolio with a brand new option of cash financing in addition to the purchase of goods and services.
BML reports that its BML Islamic Personal facility cash financing is based on the widely recognized Islamic Finance concept, Tawwaruq, which is used to generate liquidity for customers through a process of buying and selling commodities.
This facility allows customers to receive cash immediately and repay in monthly installments of up to five years.
Following the introduction of this new option, BML’s CEO, Managing Director Tim Sawyer said they are pleased to offer multiple options similar to that of many other Shari’ah compliant banks in the region.
“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,” he had said.
The new cash option is ideal for salaried and retirement pension earners to finance up to MVR 300,000 at a rate of 12 percent.
Meanwhile, BML Islamic Personal Financing (Micro) is available for Individuals who do not earn a fixed salary – to finance up to MVR 25,000 at a rate of 12 percent.
BML also said that refinance of existing facilities is available to customers who have existing BML Lui Express, Lui Professional or Lui Loan.