BML Islamic customers can now apply for Personal Financing via internet and mobile banking

Bank of Maldives states that BML Islamic customers can now apply for Personal Financing via internet and mobile banking.

BML states that as part of changes to offer better banking and easy access to services, customer can now log in via internet banking or mobile app to apply for BML Islamic Personal Financing.

The bank highlights that BML Islamic Personal Financing is ideal for salaried individuals and retirement pension earners to finance up to MVR 300,000. Moreover, BML Islamic Personal Financing portfolio also allows the option of cash financing in addition to purchase of goods and services.

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

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

Additionally, the banks states that BML Islamic Personal Financing facility cash financing is based on the concept of Tawarruq, 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.