Lifestyle Financing By BML Islamic Is On A More Positive Note Now

During the last quarter of this year, the Bank of Maldives Plc (BML) has brought various positive changes to several loans and financing schemes offered by them. According to the bank, the changes have been brought to lighten the financial burden on its customers during this troubled times of a global pandemic.

This time around, today, BML Islamic has announced positive changes to its Lifestyle Financing; a Shari’ah compliant financing for property owners who receive regular rent income built upon the concepts of Murabahah, Diminishing Musharakah, Wakalah and Ijarah.

With the new changes, for the unsecured BML Islamic Lifestyle Financing, customers can borrow from MVR 25,000 up to MVR 300,000 at rate of 15% without a security requirement. For borrowings exceeding the amount MVR 300,000 and up to MVR 1.5 million, customers can enjoy a lowered rate of 12% with additional security.

Commenting on the changes, BML’s Director if Islamic Banking, Ms, Suri Hanim Mohamed, states that “We’re pleased to announce these positive changes which are ideal for customers who receive rental income through property. We are continuously working to improve our portfolio and offer the best value for our growing customer base seeking Shari’ah compliant facilities.”

BML Islamic’s services are Shari’ah compliant and have been developed according to international best standards of Islamic banking and finance. They are presently accepting applications for Lifestyle Financing at BML Islamic’s Male’ Branch located at H. Zoneyria or from any atoll-based BML branch.