BML to process all new personal accounts, financing under Islamic banking

Bank of Maldives (BML) has taken a significant step forward in its ‘Islamic Finance First’ strategy.

Effective Sunday, all new personal accounts and personal financing applications will be processed exclusively under Islamic banking principles. The Bank has also introduced simple and convenient mechanisms to help existing personal account and loan holders’ transition smoothly to Shari’ah-compliant services.

This milestone builds on a year-long effort in which BML rebranded all its regional branches into dedicated Islamic Banking service centers, extending Shari’ah-compliant solutions across its entire national network.

BML’s Islamic banking products are Shari’ah-compliant, with customer funds kept completely separate from conventional banking operations. All services are developed in line with international best practices and standards in Islamic finance.

Commenting on the announcement, BML’s CEO and Managing Director, Mohamed Shareef, said: “Since introducing Islamic banking in 2015, we’ve seen strong and sustained growth in demand for these services over the past decade. Today’s milestone marks a pivotal moment for the Maldivian banking sector. Our goal is to provide customers with comprehensive Shari’ah-compliant financial solutions that grow with the evolving needs of our community.”

Customers who prefer conventional banking options may still request these services directly from the Bank.

BML remains the Maldives’ leading provider of Islamic banking services, with a comprehensive range of Shari’ah-compliant accounts, cards and financing solutions, including the only Islamic credit card currently available in the country. This transition reflects BML’s ongoing commitment to expanding the reach and impact of Islamic finance across the Maldives.