A Decade of Growth: BML Marks 10 Years of Islamic Banking

Bank of Maldives (BML) has reached a remarkable milestone as it celebrates 10 years of offering Islamic banking services in the Maldives. BML Islamic, launched a decade ago, has established itself as the largest provider of Shari’ah-compliant banking in the country, delivering innovative financial solutions with complete segregation of funds and adherence to international Islamic banking standards.

As part of its ongoing commitment to Islamic banking, the Bank has rebranded its branches in Eydhafushi, Mahibadhoo, and Gan as BML Islamic branches. These branches will operate under an Islamic Finance First policy, exclusively focusing on delivering Shari’ah-compliant banking services to meet the growing demand.

“Celebrating 10 years of BML Islamic is a proud moment for Bank of Maldives,” said Mohamed Shareef, CEO and Managing Director of the Bank. “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 Islamic overdraft financing, cash financing, hybrid home financing, and Shari’ah-compliant credit cards in the Maldives. These rebranded branches reflect our dedication to meeting customer needs while expanding access to Islamic banking.”

Since its inception, BML Islamic has pioneered numerous financial products and services in the Maldives, including the country’s first Islamic debit and credit cards. The Bank has consistently focused on providing innovative solutions that cater to individuals and businesses seeking Shari’ah-compliant banking options.

Bank of Maldives operates a nationwide network of 39 branches across all 20 atolls, complemented by 95 Self-Service Banking Centres, 150 ATMs, Agent Banking Services, and an extensive suite of digital banking solutions. The Bank remains steadfast in its mission to support the financial needs of individuals, businesses, and communities across the Maldives.