Maldives Islamic Bank (MIB) commenced facilitation of its ‘Ujaalaa Dhiriulhun’ (“jovial living”) facility on products available from State Electric Company’s (STELCO) Sales Center.
STELCO’s Sales Center is a one-stop shop for all things electrical, and electrical wiring, reports the utility provider. Under the ‘Ujaalaa Dhiriulhun’ scheme, customers can now purchase items without financial pressures.
The ‘Ujaalaa Dhiriulhun’ scheme allows customers to make purchases of high-priced items on an installment like scheme. Customers are required to pay the price of the products they purchase to the bank, instead of the retailer. This MIB facility is applicable for individuals aged 18 and above, employed at any of the recognized or accepted employers under the bank’s policies.
The scheme allows retail purchase of items up to MVR400,000. Unlike most other similar schemes, the MIB ‘Ujaalaa Dhiriulhun’ allows its customers to extend repayment period between 18 and 48 months.
Additionally, funds provided under the scheme will have an effective limit of six months. Any funds in excess following purchases are usable within the aforementioned period.