Prompt approval for BML Islamic Personal Financing

Bank of Maldives (BML) on Sunday, March 03, 2024 announced prompt approvals were now available for applicants seeking BML Islamic Personal Financing online.

The new service is part of the bank's ongoing efforts to enhance accessibility and ease in securing Islamic Financing facilities for customers.

Customers can now easily apply for BML Islamic Personal Financing instruments via internet and mobile banking platforms up to the credit limit allowed for the customers.

Online applications for BML Islamic Personal Financing will be approved within four hours.

The prompt approval financing facilities are extended to customers with a credit history of salary deposited through BML payroll for the last 12 months.

Besides cash financing facilities, BML Islamic Personal Financing extends to the purchase of goods. The cash financing under BML Islamic is issued under the Islamic Banking policy of 'Thavarruq' or Commodity Murabaha.

With this change, the Islamic Personal Financing process which previously incurred five working days will get approved within hours.