Bank of Maldives BML Islamic has deferred all finance repayments for personal, housing and business customers for six months.

Earlier today President Ibrahim Mohamed Solih confirmed the deferment while in a separate statement BML said it had decided to defer monthly principle and profit/ lease repayments for 6 months. The bank said this is to help individuals and businesses to manage the challenging time.

It said at the same time the tenor of the finance will also be extended by 6 months allowing more time to repay the accrued profit/lease repayments. It added that after the 6 months, the repayment amount would be reduced by 20% for a further 6 months.

Bank of Maldives said BML Islamic customers with personal, housing or business finamce are eligible for the deferment from 1st March 2020 until end of September 2020.

It also said the only requirement is to have cleared all overdue finance payments.