BML to Offer All New Personal Accounts and Financing Under Islamic Banking Principles

Bank of Maldives (BML) has announced that, effective today, all new personal accounts and personal financing applications will be processed exclusively under Islamic banking principles.

The move marks a major milestone in the Bank’s “Islamic Finance First” strategy. BML has also introduced simple and convenient mechanisms to help existing personal account and loan customers transition smoothly to Shari’ah-compliant services.

The announcement follows a year-long initiative during which BML transformed all its regional branches into dedicated Islamic Banking service centres, expanding access to Shari’ah-compliant financial solutions across its nationwide network.

BML said its Islamic banking products are fully Shari’ah-compliant, with customer funds maintained separately from its conventional banking operations. The services are developed in accordance with international best practices and standards in Islamic finance.

Commenting on the announcement, BML CEO and Managing Director Mohamed Shareef said demand for Islamic banking services had grown steadily since their introduction in 2015.

“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,” Shareef said.

“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 continue to request these services directly from the Bank.

BML remains the Maldives’ leading provider of Islamic banking services, offering a comprehensive range of Shari’ah-compliant accounts, cards and financing solutions. Its portfolio includes the only Islamic credit card currently available in the country.

The transition reflects the Bank’s continued commitment to expanding the reach and impact of Islamic finance across the Maldives.