BML Islamic Launches Green Financing in Taking a Stand to Make Sustainability Possible

Bank of Maldives Plc (BML) is the largest local bank operating in the Maldives. Their Islamic offerings are Shari’ah compliant and have been developed according to international best standards of Islamic banking and finance.

It was revealed via a press release today that BML Islamic has launched Green Financing for both its personal and business customers which will aid to finance environment-friendly projects such as solar power generation or investments in energy efficient products. The newly introduced unsecured financing facility will allow eligible personal banking customers to borrow from MVR 50,000 up to MVR 500,000. without additional security or equity contribution for a 5-year tenor at a rate of 12%.

On the other hand, personal and business customers seeking financing for larger investments can borrow from MVR 50,000 up to MVR 20 Million with additional security at a rate of 10%. This secured facility will require an equity contribution of 15% and a security of 150% of the financing amount. Customers will benefit from an extended repayment period of 20 years.

Commenting regarding the introduction of the new finance facility, Banking Director of BML Islamic, Ms. Suri Hanim states that “Our Green Financing product provides customers with a Shari’ah compliant facility to pursue environment friendly projects at a time where there is a growing demand for such solutions. With this facility introduced today, BML Islamic now offers a comprehensive and competitive product portfolio for both personal and business customers.”

The bank is currently accepting applications for Green Financing at BML Islamic’s Male’ Branch located at H. Zoneyria or from any atoll-based BML branch. Further details and the application form can be found at this link.