BML Islamic launches first-ever Shari'ah compliant credit card

Bank of Maldives (BML) Islamic has introduced the first-ever Shari’ah compliant credit card in the Maldives.

In a statement issued on Monday, the country’s national bank revealed that the new BML Islamic credit card runs on the American Express network.

It was launched with a host of local and international benefits for card members, including exclusive savings on booking.com and offers on dining experiences.

In addition to this, the credit card also offers instalment payments through BML EasyPay.

BML Islamic credit card is offered based on the principle of Ujrah, the concept of charging an agreed fee for providing services to a customer.

The bank revealed that customers can also register for the BML Rewards program to earn points for making purchases on credit cards.

Customers may then use their reward points for flight, car, or hotel bookings, or even vouchers on local and international merchants.

Director of Islamic Banking Hassan Kalaam revealed that the BML Islamic credit cards are designed to meet the needs and preferences of customers who wish to use a Shari’ah-compliant payment solution.

He expressed delight in introducing these cards as part of efforts to expand BML Islamic in line with customer demand.

Further, he noted that it is part of BML’s ongoing commitment to support the development of Islamic finance in Maldives.

VP and GM, Global Network Services, Asia and South Pacific Growth Markets, American Express Divya Jain stated that this credit card was crafted for the Maldivian market, uniquely.

Jain noted that it mirrors their commitment to deliver unmatched value and access to global benefits for BML card members.

The new BML Islamic credit card can be used for both local and foreign transactions and has the same advanced security features as other cards from the bank.

BML revealed that it is available as a Standard, Gold and Platinum card.