BML Islamic has today announced its new Education Financing product, an Ijarah based Shari'ah-compliant facility for Maldivians seeking financial assistance to pursue higher education opportunities from certificate level courses to doctorates around the world.
BML Islamic said that with Education Financing, customers can obtain up to 75% of the cost of education which includes tuition fees, living, and other expenses at a rate of 11% with a repayment period of a maximum of 10 years.
It said that repayments of the facility will start once studies are completed and financing is available with an equity contribution of 25% and security of 150% of the financing amount.
BML Islamic said that applications for Education Financing are accepted from BML Islamic’s Male’ Branch located at H. Zoneyria or from any atoll-based BML branch. More information on BML Islamic Education Financing: https://link.bml.com.mv/education-financing.