Bank of Maldives (BML)’s Islamic branch announced an Islamic Shariah compliant facility, offering financial assistance for Maldivians pursuing higher education.
Based on the Islamic banking and finance product ‘Ijarah’, BML Islamic’s ‘Education Financing’ allows customers to obtain up to 75% of the cost of education, for certificate level courses up to doctorates in any country. The facility’s coverage includes tuition fees, living and other expenses, at a rate of 11%, to be repaid within maximum 10 years. BML’s Education Financing is available with an equity contribution of 25% and a security of 150% of the financing amount, while the repayment period will begin once the customer completes their studies.
“Our 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”, said BML’s Islamic Banking Director Suri Hanim Mohamed. “BML Islamic products are Shari’ah compliant and have been developed according to international best standards of Islamic banking and finance.” Customers can submit their applications for Education Financing at BML Islamic’s branch in capital Male’, and at all BML branches in the atolls.