BML facilitates online applications for Islamic personal financing
The national bank, Bank of Maldives (BML), said that BML’s Islamic customers now have the option of applying for personal finance through internet and mobile banking.
BML is offering the service as part of changes to provide better banking and easy access to services. The Bank said customers can now log in through online banking or a mobile app to apply for BML Islamic Personal Finance.
BML Islamic Personal Funding is ideal for salaried and retired people to fund up to 300,000 MVR. BML’s Islamic personal financing portfolio also allows the option of cash financing in addition to the purchase of goods and services. For people who do not earn a fixed salary, BML Islamic Personal Financing (Micro) is available to finance up to 25,000 MVR.
Personal Financing and Micro Personal Financing offer customers the option to repay in monthly installments for up to 5 years. BML’s Islamic Personal Finance Facility Cash Funding is based on the concept of Tawwaruq, which is a widely recognized Islamic finance concept used to generate cash for clients through a process of purchase and sale of commodities.
Customers who have an existing BML Lui Express or Lui loan are eligible to refinance existing facilities.