BML Islamic Introduces Shariah-Compliant Green Financing Option for Environment-Friendly Projects

Bank of Maldives (BML) Islamic has announced the introduction of Shariah-compliant green financing facilities on the 27th of December 2020 for individuals and businesses in the Maldives that are looking to fund environmentally friendly projects including solar power generation or investments in energy-efficient products, according to local media reports.

Those eligible for the unsecured green financing options can obtain between MVR 50,000 – MVR 500,000 in financing without any additional security or equity contribution at a 12% rate for a five-year period.

In addition, BML Islamic will be providing a secured facility at a 10% rate for larger personal and business financing purposes of up to MVR 20 million. The secured facility will require a 15% equity contrib...