BML Islamic has today introduced Green Financing for individuals or businesses to finance environment-friendly projects such as solar power generation or investments in energy-efficient products.
It said that for the newly introduced unsecured Green Financing, eligible customers can finance from MVR 50,000 up to MVR 500,000 without any additional security or equity contribution for a 5-year tenor at a rate of 12%. For personal and business customers seeking financing for larger investments up to MVR 20 million, a secured facility is available at a rate of 10%.
It also said that the secured facility requires an equity contribution of 15% and security of 150% of the financing amount. Customers will also be able to enjoy an extended repayment period of 20 years.
BML Islamic’s offerings are Shari’ah compliant and have been developed according to international best standards of Islamic banking and finance.
Applications for Green Financing are accepted from BML Islamic’s Male’ Branch located at H. Zoneyria or from any atoll-based BML branch.