News Desk
Maldivians planning to apply for BML Islamic’s new education facility will need to put up collateral worth at least 150 per cent of the loan amount, alongside paying an 11 per cent profit rate.
Bank of Maldives (BML) launched the Shari’ah-compliant facility on Wednesday to help students cover higher education costs both locally and abroad, ranging from certificate-level courses up to doctorates.
Under the new scheme, which is structured using the Islamic financing principle of Ijarah, the bank will fund up to 75 per cent of total estimated expenses—including tuition fees, rent, and daily living costs. However, applicants are required to self-finance the remaining 25 per cent and secure the loan with collateral valued at 1.5 times the approved sum.
The financing facility comes with a maximum repayment period of 10 years, with repayments structured to start only after students complete their studies.
“The newly launched education financing is a great opportunity for students hoping to pursue higher education through an Islamic financing facility,” said Suri Hanim Mohamed, Director of Islamic Banking at BML. “BML Islamic services are designed strictly in accordance with Shari’ah principles, based on international best practices in Islamic banking.”
Interested applicants can turn in their forms at the BML Islamic branch in H. Zoneyria in Malé, or at any BML branch in the atolls.
