Bank of Maldives (BML) has launched financing products as part of the Bank's ongoing support for business. In this regard, BML Islamic introduced Retailers' Financing, Business Development Financing, Letter of Credit and Bank Guarantee services as well as amendments to General Financing to enable working capital financing and Wakala based overdraft facilities. With these, BML Islamic now has Shari'ah-compliant alternatives to all of its conventional products.

BML's Deputy CEO Mohamed Shareef expressed commitment to offer the complete range Shari'ah compliant business banking products, adding BML's Islamic banking has grown steadily. Mohamed Shareef added the new products will increase support for businesses and fuel the growth of Small and Medium Enterprises in the country.

BML revealed, Islamic Retailers' Financing allows businesses with average monthly sales of USD 3,235 through the Point-of-Sale network to finance up to three times the monthly POS sales volume, and enjoy a repayment period of 48-months for financing facilities and 12-months for Wakala based overdraft facilities while additional security is not required for financing up to USD 32,350.

Moreover, the Islamic Business Development Financing offers flexible collateral requirements to support the financial needs of business for working capital, refurbishment, and property development or to buy new machinery or equipment, according to BML.