The Bank of Maldives (BML) has confirmed that its BML Islamic customers can now apply for Personal Financing facilities via internet and mobile banking platforms.
According to the bank, “as part of changes to offer better banking and easy access to services” its BML Islamic customers can now log in via the online banking platforms to apply for the facilities.
The BML Islamic Personal Financing is perfect for salaried individuals and retirement pension earners to finance up to MVR300,000.
Moreover, BML Islamic Personal Financing portfolio also allows the option of cash financing in addition to the purchase of goods and services.
For individuals who do not earn a fixed salary, BML Islamic Personal Financing (Micro) is available to finance up to MVR25,000.
The Personal Financing and Personal Financing (Micro) offers customers the option to repay in monthly instalments up to five years, while the facility of cash financing is based on the concept of Tawwaruq; a widely recognized Islamic finance concept used to “generate liquidity for customers through a process of buying and selling commodities.”