New murabahah-based product and Islamic finance panel discussion in the Maldives
On the 2nd May 2018, the Bank of Maldives (BML) Islamic announced the launch of a new personal financing product whereby applications for this product will be processed within seven days and customers will pay the price of the goods in monthly installments. It is stated on the official website of BML Islamic that customers can now shop for electronics, furniture or home appliances from any of the authorized dealers and pay in monthly installments with BML Islamic Personal Financing. The financing amount is from MVR15,000 (US$949.79) to MVR100,000 (US$6,331.91) for this product, there is an option to enjoy a lower rate, if security is added.
Murabahah-based product , Islamic finance , Maldives
Muneeza, A. (2018). New murabahah-based product and Islamic finance panel discussion in the Maldives. Islamic Finance News, (May 2018), p. 16.