Bank of Maldives celebrates 10 years of Islamic banking amid growing demand
Abstract
According to a press release from the Bank of Maldives (BML) dated the 22nd January 2025, the institution proudly marks a decade of pioneering Islamic banking services in the Maldives, reflecting the nation's increasing demand for Shariah compliant financial solutions. Since launching its Islamic banking division, BML Islamic, the bank has been steadfast in providing fully Shariah compliant banking solutions with complete segregation of funds, aligning with international standards. In line with its vision to prioritize Islamic finance, three branches in Eydhafushi, Mahibadhoo and Gan have been rebranded exclusively as BML Islamic branches, further embedding the 'Islamic Finance First' philosophy in its operations. Commenting on this milestone, Mohamed Shareef, CEO and managing director of BML, stated: "Celebrating 10 years of BML Islamic is a proud moment for Bank of Maldives. As the largest Islamic bank in the Maldives, we offer a comprehensive suite of products including accounts, cards and financing. BML Islamic was the first to introduce innovative services such as Islamic overdraft financing, cash financing, hybrid home financing, Islamic debit cards and the Maldives' only Shariah compliant credit card. These branch updates underline our commitment to meeting the evolving needs of our customers."
Keywords
Bank of Maldives (BML) , Islamic banking , Maldives
Citation
Muneeza, A. (2025). Bank of Maldives celebrates 10 years of Islamic banking amid growing demand. Islamic Finance News, 22(5), 19.
Publisher
Redmoney
DOI
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