Bank of Maldives Shifts New Personal Accounts and Financing to Islamic Banking

Bank of Maldives (BML) has officially transitioned all new personal account openings and personal financing applications to Islamic banking principles. This move is the centerpiece of the bank's “Islamic Finance First” strategy, signaling a significant expansion of Shari'ah-compliant services by the nation's largest financial institution. The policy takes effect immediately. To support this transition, BML has introduced specific mechanisms to assist existing personal account holders and loan customers in migrating their services to the Islamic banking framework. This strategic shift follows a year-long initiative to rebrand all regional branches as dedicated Islamic Banking service centres. By doing so, BML aims to ensure that customers across the various atolls have streamlined access to Shari'ah-compliant financial products regardless of their location. BML emphasized that its Islamic banking services operate independently from its conventional banking operations. To maintain strict compliance, customer funds are kept completely segregated, with all products developed according to international best practices and standards in Islamic finance. Mohamed Shareef, CEO and Managing Director of BML, noted that the demand for Islamic banking has grown steadily since the services were first introduced in 2015. He described the current transition as a pivotal moment for the Maldivian banking sector, stating that the bank is committed to providing comprehensive solutions that meet the evolving needs of its clientele. Despite the “Islamic Finance First” approach, the bank clarified that customers who prefer conventional banking services can still request them directly. BML continues to hold its position as the leading provider of Islamic banking in the Maldives. Its portfolio includes Shari'ah-compliant accounts, cards, and financing solutions, including the only Islamic credit card currently available in the domestic market. This latest move reinforces the bank's commitment to increasing the availability and accessibility of Islamic finance nationwide.