BML Islamic has today announced positive changes to its Lifestyle Financing for personal customers receiving rental income from the property.

It said that the facility is a Shari’ah compliant financing solution based on the concepts of Murabahah, Diminishing Musharakah, Wakalah, and Ijarah.

It noted that for the unsecured BML Islamic Lifestyle Financing, customers can finance from MVR 25,000 up to MVR 300,000 at a rate of 15% without any security.

BML Islamic also said that for financing amounts from MVR 300,000 up to MVR 1.5 million, customers can enjoy a reduced rate of 12% with additional security.

We’re pleased to announce these positive changes which are ideal for customers who receive rental income through property. We are continuously working to improve our portfolio and offer the best value for our growing customer base seeking Shari'ah-compliant facilities
Suri Hanim Mohamed, BML’s Director of Islamic Banking

BML Islamic’s offerings are Shari’ah compliant and have been developed according to international best standards of Islamic banking and finance.

It said that applications for Lifestyle Financing are accepted from BML Islamic’s Male’ Branch located at H. Zoneyria or from any atoll-based BML branch.