BML Islamic has introduced financing facility for home purchases which will be offered at competitive leasing rates for Islamic finance.
The product was launched at a press conference held this morning at BML Islamic's headquarters in Male'. The new product will support individuals and families looking to partner with the Bank to purchase a new apartment or house on any inhabited island, according to BML. The bank said that the new product completes the bank's suite of Shari'ah-compliant housing finance products.
Home Construction and Real Estate Financing facilities were launched earlier this year. Director of BML Islamic Zulkarnain Taman commented that they were delighted to roll out this new product to support individuals and families looking to get on the property ladder.
A number of new apartment buildings and row houses are being developed in the country and today's announcement represents good news for customers who want the most competitive, Shari'ah-compliant product in the market to help them purchase a new home. Applications for home purchase financing will be accepted from today onwards.