BML launches Islamic Banking Services

National bank, Bank of Maldives (BML), has launched Islamic Banking Services.

The services were unveiled at a ceremony at Hotel Jens this morning, by Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed.

Speaking at the ceremony, BML’s CEO and Managing Director Andrew Healy said, “This is a big and proud day for our Bank. Today we start to provide alternatives to those who wish to strictly follow Islamic principles in their banking. We look forward to rolling out a broad range of products and services – for both personal and business customers – over the next two years.”

Healy also said that the bank’s Islamic Banking Advisors include foreign experts and former Minister of Islamic Affairs Dr Abdul Majeed Abdul Baaree.

BML said that Islamic Banking Services would be provided through its existing network of branches, ATMs and card machines, and will be fully Shari’ah-compliant, with Islamic accounts and funds fully segregated from the rest of the bank’s services.

Speaking at the ceremony, Dr Shaheem said, “BML’s commencement of Islamic financial services, to coincide with the day Maldives embraced Islam, is a memorable occasion. This is great news for many Maldivians, as today their dreams have become a reality. With the inauguration of these services the whole nation can enjoy Islamic Banking services.”

BML said that its Islamic Banking Services would be introduced in phases. The first service, the Wadi’ah Deposit Product for personal customers, was launched today.

The Wadi’ah Personal Current Account will include full cheque book, internet banking and debit card services as well as access to the largest ATM and POS network in the country, said BML.