BML Islamic To Offer Cash Option For Personal Financing.

Bank of Maldives has announced that its BML Islamic Personal Financing portfolio has been updated to include the option of cash financing in addition to the purchase of products and services making.

BML Personal Financing Facility (Islamic Personal Financing) Cash financing is based on the Tawwaruq concept, which is a well-known Islamic finance concept that involves purchasing and selling commodities to produce liquidity for customers. Customers can obtain cash right now and repay in monthly installments for up to five years with this program.

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 as well.

Expressing his enthusiasm with this new edition, the CEO & Managing Director of BML, Tim Sawyer stated that offered under a widely used Islamic financing concept, customers can now choose to either purchase goods, services or receive cash.