Bank of Maldives (BML) Islamic has announced its new Education Financing product, an Ijarah based Shari’ah compliant facility for Maldivians seeking financial assistance to pursue higher education opportunities from certificate level courses to doctorates around the world.
BML said with Education Financing, customers can obtain up to 75% of the cost of education which includes tuition fees, living and other expenses at a rate of 11% with a repayment period of maximum 10 years. BML noted repayments of the facility will start once studies are completed and financing is available with an equity contribution of 25% and a security of 150% of the financing amount.
BML’s Islamic Banking Director Suri Hanim Mohamed commented the Education Financing facility is an opportunity for many potential students who are seeking Islamic financing facilities to fulfill their higher education dreams and achieve personal goals.