Reported By: Mariyam Shaufa
Written By: Hussain Ali
National Bank, Bank of Maldives (BML) on Thursday started its phased roll-out of Islamic Banking services with the launch of a new Wadi’ah Deposit Product for personal customers.
BML has formed a new division under the name BML Islamic, which will offer deposit and financing products for both personal and business customers for the next two years.
BML Islamic services will be provided through BML’s existing network of branches, ATMs and card machines and will be fully Shari’ah-compliant, with Islamic accounts and funds fully segregated from the rest of the Bank’s services.
BML Islamic was unveiled during a special ceremony held at Hotel Jen on Thursday, by the Minister of Islamic Affairs, Dr Mohamed Shaheem Ali Saeed.
“BML’s commencement of Islamic financial services, to coincide with the day Maldives embraced Islam, is a memorable occasion. This is great news for many Maldivians, as today their dreams have become a reality. With the inauguration of these services the whole nation can enjoy Islamic Banking services,” Dr. Shaheem said.
Speaking at the ceremony, BML’s CEO and Managing Director Andrew Healy said that it is a proud day for the bank. He added that the bank looked forward to add more products and services on a wider range over the next two years.
The Wadi’ah Personal Current Account will include full cheque book, internet banking and debit card services as well as access to the largest ATM and POS network in the country.Three types of Wadi'ah Personal Accounts are available; Personal Account for individuals, Joint Account for individuals and Personal Account for children under guardianship.
Accounts can now be opened at any branch of the Bank.