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
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.
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