BML Islamic introduces 3 new deposit accounts

Bank of Maldives (BML) Islamic has introduced two new types of savings accounts and one new type of investment deposit account for personal and business customers.

The new accounts:

• BML Islamic Savings Account
• BML Islamic Kids’ Saver Account
• BML Islamic General Investment Account

BML reports its new accounts are based on the concept of Wakala, which means the money in the accounts will be invested in Sharia compliant financing.

The BML Islamic Savings Account is directed at personal customers; the BML Islamic Kids’ Saver Account is dedicated to children below the age of 18 years and will be operated on their behalf by a parent or legal guardian; and the BML General Investment Account is a profit sharing inverstment account suitable for both personal and business customers who wish to save a fixed amount of money for a specific period of time.

Deputy CEO and Director of Operations of BML, Mohamed Shareef said the bank was delighted to expand its portfolio of Sharia complaint products.

“Our Islamic Banking arm has continued to grow steadily and we’re delighted to add the new deposit accounts to our suite of Shari’ah compliant products now available to both our personal and business customers,” said Shareef.

BML reports its BML Islamic’s offerings are fully Sharia compliant and developed according to the highest international standards. It says that customer deposits are maintained in a separate fund that is utilized exclusively for Sharia compliant purposes and is overseen by the bank’s Sharia Advisory Committee which includes internationally renowned Sharia scholars in the field of Islamic finance.