BML Islamic Introduces First-Ever Shari’ah-Compliant Credit Card

BML Islamic (the Islamic banking window of the Bank of Maldives) has introduced the first-ever Shari’ah-compliant credit card in the Maldives, heralding a new era of financial inclusion and accessibility for its customers. The innovative initiative, spearheaded by BML Islamic, aims to cater to the growing demand for Shariah-compliant financial products in the Muslim nation.

The introduction of the Shariah-compliant credit card aligns with the BML’s commitment to providing ethical and sustainable financial solutions that comply with Islamic principles. This development comes as the country seeks to diversify its financial services sector and promote Islamic banking practices.

Director of Islamic Banking, Hassan Kalaam commented “BML Islamic Credit Cards are designed to meet the needs and preferences of our customers who wish to use a Shari’ah-compliant payment solution. We are delighted to introduce these cards as part of our efforts to expand BML Islamic in line with our customer demand and is part of our ongoing commitment to support the development of Islamic finance in Maldives.” 

The Shariah-compliant credit card offers a range of features tailored to meet the needs of customers who prefer Islamic finance solutions. Cardholders can enjoy convenient payment options, online transactions, and exclusive rewards while staying true to their faith-based beliefs.

Divya Jain, VP/GM, Global Network Services, Asia and South Pacific Growth Markets, American Express added, “This card, uniquely crafted for the Maldives market, reflects our commitment to delivering unmatched value and access to global benefits for Bank of Maldives Card Members.” 

The launch of the Shariah-compliant credit card is expected to have a significant impact on the financial landscape of the Maldives, attracting a wider customer base and promoting economic growth. It represents a milestone in the country’s journey towards achieving financial inclusion and fostering a more sustainable and ethical banking sector.

The introduction of the Shariah-compliant credit card marks a historic moment for the Maldives, setting a precedent for other nations in the region to follow suit in embracing Islamic finance principles and promoting financial inclusivity for all.

The new BML Islamic Credit Card from the Bank can be used for both local and foreign transactions and has the same advanced security features as other cards from the Bank. It is available as a Standard, Gold, and Platinum card.