Bank of Maldives (BML) Islamic has introduced a new education financing facility.

Structured around principles of Islamic banking and 'Ijara', this facility was created to provide financing for courses starting from the certificate level to doctorates to citizens who want to pursue learning opportunities all over the world.

The education financing scheme can cover 75 percent of the total expense a student incurs studying abroad, including tuition fees and living expenses.

Individuals will have a maximum of 10 years to settle their finances with BML, and the payback period starts when students have completed their studies, with an equity contribution of 25% percent and a security of 150 percent of the financing amount.

The Director of Islamic Banking at the national bank, Suri Hanim Mohamed said that the newly introduced Education Financing "is an opportunity for many potential students who are seeking Islamic financing facilities to fulfill their higher education dreams and achieve personal goals".

She also said that BML's Islamic Banking System in the Maldives is based around Sha'ria principles, designed to give customers the highest quality Islamic Banking services modelled after international best practices in the field.

Applications for the Education Financing program are now open and have to be submitted to the BML Islamic Main Branch. Applications from other atolls will be accepted at any branch in the region, and BML encourages further inquiries to be directed to and addressed at their websitehttps://link.bml.com.mv/education-financing