IslamicFinance.de

Bank of Maldives (BML) Islamic launched a range of Shariah-compliant financing products. BML Islamic Retailers’ Financing allows businesses with average monthly sales of MVR 50,000 to finance up to three times the monthly sales volume, and a repayment period of 48-months for financing facilities and 12-months for Wakala based overdraft facilities. Additional security is not required for financing up to MVR 500,000. BML Islamic Business Development Financing offers flexible collateral requirements for working capital, refurbishment, property development or to buy new machinery. BML’s Deputy CEO Mohamed Shareef stated that the new products show the Bank’s commitment to the growth of Small and Medium Enterprises in the country.