Bank of Maldives (BML) has begun processing all new personal account openings and personal financing applications exclusively under Islamic banking principles, as part of its “Islamic Finance First” strategy.
The move takes effect immediately and marks a major expansion of Shari'ah-compliant banking services by the country’s largest bank.
BML has also introduced mechanisms to help existing personal account holders and loan customers transition to Islamic banking services.
The bank said the change follows a year-long effort to rebrand all of its regional branches as dedicated Islamic Banking service centres, allowing customers across the country greater access to Shari'ah-compliant financial products.
BML said its Islamic banking services operate separately from its conventional banking operations, with customer funds kept completely segregated. The products are developed in accordance with international best practices and standards in Islamic finance.
BML Chief Executive Officer and Managing Director Mohamed Shareef said demand for Islamic banking services had grown steadily since the bank introduced them in 2015.
“Today's milestone marks a pivotal moment for the Maldivian banking sector,” Mr Shareef said, adding that the bank aimed to provide comprehensive Shari'ah-compliant financial solutions to meet the changing needs of customers.
Customers who prefer conventional banking services can still request them directly from the bank.
BML said it remains the Maldives’ leading provider of Islamic banking services, offering Shari'ah-compliant accounts, cards and financing solutions. It also provides the only Islamic credit card currently available in the Maldives.
The bank said the latest move reflects its commitment to expanding the availability of Islamic finance across the country.