Bank of Maldives (BML) has announced that under its newly introduced "Islamic Finance First Policy," all new accounts opened and personal loans issued from today onwards will be provided in accordance with Islamic banking principles.
BML said that under this new policy, arrangements have also been made to allow existing account holders and borrowers to easily transition their current services to Shari’ah-compliant alternatives.
However, the bank noted that conventional banking services will remain accessible should any customer request them.
Commenting on the change, BML CEO and Managing Director Mohamed Shareef described this as a step toward shaping the future of the Maldivian banking sector. He said that the bank’s objective is to provide customers with comprehensive Shari’ah-compliant financial services and to adapt its offerings to meet the evolving needs of the community.
Shareef further noted that since BML introduced Islamic banking in 2015, the service has received overwhelming public support over the past decade.
According to BML, all regional branches across the atolls were converted into Islamic banking branches last year under the Islamic Finance First Policy. These branches now prioritize the delivery of Islamic banking services.
The suite of Islamic banking services provided by BML includes Shari’ah-compliant accounts, cards, and various financing facilities.
The bank emphasized that transitioning general banking services toward Islamic principles demonstrates the priority BML accords to expanding Islamic banking within the Maldives.
BML introduced these changes to coincide with the 900th anniversary of the Maldives embracing Islam.
