BML Islamic introduces green financing for environment friendly projects

BML Islamic has today introduced Green Financing for individuals or businesses to finance environment-friendly projects such as solar power generation or investments in energy efficient products.

For the newly introduced unsecured Green Financing, eligible customers can finance from MVR 50,000 up to MVR 500,000 without any additional security or equity contribution for a 5-year tenor at a rate of 12%. For personal and business customers seeking financing for larger investments up to MVR 20 million, a secured facility is available at a rate of 10%. The secured facility requires an equity contribution of 15% and a security of 150% of the financing amount. Customers will also be able to enjoy an extended repayment period of 20 years.

BML’s Islamic Banking Director, Ms. Suri Hanim Mohamed commented, “Our Green Financing product provides customers with a Shari’ah compliant facility to pursue environment friendly projects at a time where there is a growing demand for such solutions. With this facility introduced today, BML Islamic now offers a comprehensive and competitive product portfolio for both personal and business customers.”

BML Islamic’s offerings are Shari’ah compliant and have been developed according to international best standards of Islamic banking and finance. Applications for Green Financing are accepted from BML Islamic’s Male’ Branch located at H. Zoneyria or from any atoll-based BML branch.