Publication:
Enhancements in Islamic banking and financing services in the Maldives
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Date
2024
SDG:
Abstract
On the 1st February 2024, Maldives Islamic Bank unveiled its initiative to upgrade its flagship branch in Male', aimed at enhancing business banking services especially for individuals as well as streamlining over-the-counter cash. Key enhancements include extending business banking hours till 4pm, introducing 24-hour self-service lobby, and establishing a one-stop business banking desk to handle all non-cash requests. Additionally, to better serve business banking customers, the branch will remain open throughout the month of Ramadan and more frequently during long holidays. The Bank of Maldives (BML) announced on the 28th January 2024 that its student Kiyavaa loan (conventional) and education financing rate will be reduced to 2.5% effective from the 1st February 2024. The reduction aims to make education financing more accessible by covering up to 90% of education costs, including tuition fees and living expenses.
Keywords
Islamic banks , Maldives Islamic Bank
Citation
Muneeza, A. (2024). Enhancements in Islamic banking and financing services in the Maldives. Islamic Finance News, 21(8), 15.
Publisher
Redmoney
DOI
Files
Enhancements_in_Islamic_banking_and_financing_services_in_the_Maldives_Aishath Muneeza.pdf
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