Online applications for BML Islamic Personal Financing with cash financing option

Bank of Maldives (BML) headquarters in Male' City. (File Photo)

Bank of Maldives (BML) has announced that as part of its changes to offer better banking services and improve access to banking services, BML Islamic customers now have the option of applying for Personal Financing via internet and mobile banking.

Customer can now log in via internet banking or mobile app to apply for BML Islamic Personal Financing.

BML states that the BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to MVR 300,000.

BML Islamic Personal Financing portfolio also allows the option of cash financing in addition to the purchase of goods and services.

For individuals who do not earn a fixed salary, BML Islamic Personal Financing (Micro) is available to finance up to MVR 25,000.

Personal Financing and Personal Financing Micro offers customers the option to repay in monthly instalments up to five years.

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.

Customers who have an existing BML Lui Express or Lui loan are eligible to refinance existing facilities.