Bank of Maldives (BML) has launched three new Savings and Investment Accounts for personal and business customers on Sunday.
According to BML, the new products are based on the concept of Wakala where the customers’ saving are invested in Shari’ah compliant financing to create the best possible returns.
• “BML Islamic Savings Account”, offered to personal customers to grow and manage their savings.
• “BML Islamic Kids’ Saver Account”, dedicated to children below 18 years of age, where the account will be operated on their behalf by a parent or legal guardian.
• “BML Islamic General Investment Account”, a profit sharing investment account suitable for personal and business customers who wish to save a fixed amount of money for a specific period of time.
BML’s deputy CEO Mohamed Shareef said they have steadily been growing and are delighted to add new deposit accounts to the Shari’ah compliant products, now made available for both personal and business customers.
BML Islamic’s offerings are fully Shari’ah compliant and have been developed according to the highest international standards. Customer deposits are maintained in a separate fund that is utilized exclusively for Shari’ah compliant purposes, overseen by the Bank’s Shari’ah Advisory Committee which includes internationally renowned Shari’ah scholars in the field of Islamic finance, BML said.