Bank of Maldives BML has announced positive changes to its BML Islamic Personal Financing portfolio to allow the option of cash financing in addition to the purchase of goods and services.

The Bank said BML Islamic Personal Financing facility cash financing is based on the concept of Tawwaruq, which is a widely recognized Islamic finance concept used to generate liquidity for customers through a process of buying and selling commodities.

It said that this facility offers customers the option to receive cash immediately and repay in monthly installments of up to 5 years.

Like in many Shari’ah-compliant banks in the region, we are delighted to now offer multiple options for our personal financing facility. Offered under a widely used Islamic financing concept, customers can now choose to either purchase goods, services or receive cash
Tim Sawyer, BML's CEO and Managing Director

BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to MVR 300,000 at a rate of 15 percent. BML said for individuals who do not earn a fixed salary, BML Islamic Personal Financing (Micro) is available to finance up to MVR 25,000 at a rate of 12 percent.

The Bank said that customers who have an existing BML Lui Express, Lui Professional, or Lui loan are eligible to refinance existing facilities.