Bank of Maldives (BML) Islamic on Monday, introduced the country’s first-ever Shari’ah compliant Credit Card.
The new BML Islamic Credit Card, running on the American Express network, was launched on Monday with a host of local and international benefits for card members. This includes exclusive savings on booking.com and offers on dining experiences.
The new Islamic Credit Card also offers installment payments through BML EasyPay.
The new card is offered based on the principle of Ujrah, the concept of charging an agreed fee for providing services to a customer.
Customers may also register for the BML Rewards program, and earn points for making purchases on credit cards. Reward points can then be used for flight, car, or hotel bookings, or even vouchers on local and international merchants.
Speaking about the new card, the Director of Islamic Banking, Hassan Kalaam said, “BML Islamic Credit Cards are designed to meet the needs and preferences of our customers who wish to use a Shari’ah-compliant payment solution. We are delighted to introduce these cards as part of our efforts to expand BML Islamic in line with our customer demand and is part of our ongoing commitment to support the development of Islamic finance in Maldives.”