Maldives Islamic Bank (MIB) has announced their decision of providing relief for customers who have acquired business, retail and consumer financing facilities.
The bank on Wednesday, 01 April 2020 confirmed the provision of specific relief for customers who acquired finance facilities for the aforementioned areas.
Interested businesses or parties can seek the MIB financial relief by applying for the "COVID-19 Support Application Form" and mailing filled application to the bank's administration.
Post application submission, relief will be provided to parties after discussion and internal assessment conducted by the bank's business team.
All prerequisite document details have been mentioned on the application form, while the bank has advised its customers to be attentive in attaching the needed documents while submitting.
Maldives Islamic Bank has announced its decision of providing significant relief on businesses and entities, while the country's national bank; Bank of Maldives (BML) earlier announced a moratorium of 6 months on customers with personal, housing and business loans.
Their decision for a moratorium also comes with an ommission of charging compound interest on the accrued loan amounts for the said duration.
The government of Maldives have announced several relief measures for individuals and local businesses in light of the viral pandemic outbreak. The state earlier announced an Economic Recovery Package worth MVR2.5 billion, through which business fundings will be managed through credit facilities opened via local banks.
