BML Islamic opens request window to apply for moratorium

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The Islamic wing of Bank of Maldives, BML Islamic on Monday has officially opened window for customers to submit application requesting for moratorium period.

Maldives national bank announced providing relief for its customers with financing facilities or loans amid the viral pandemic; COVID-19 slowing down the country’s economy.

Customers will be able to submit their requests to postpone their pending installments via the designated portal under BML Islamic.

The bank announced a 6-month moratorium on the principal and profit-lease amount on business and housing finance loans.

However, the moratorium does not include BML Islamic’s Murabaha facilities.

According to BML, their Islamic wing customers with housing or business loans can apply for the moratorium period until September 2020. The moratorium period will be effective post month of the customer’s lodged request for the postponement.

Meanwhile, the bank had also announced a 6-month moratorium on their conventional business and housing loans.

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