Bank of Maldives Pivots to ‘Islamic Finance First’ Strategy, Making Shari'ah-Compliant Services Default for New Customers

The Bank of Maldives (BML), the country’s leading financial institution, has officially ushered in a landmark era for the nation’s banking sector by rolling out its ambitious Islamic Finance First strategy. 

With immediate effect, all new personal accounts and personal financing applications across the bank’s network will be processed exclusively under Shari'ah-compliant Islamic banking principles.

Under the new operational framework, Islamic financial services become the default offering for prospective retail clients. To ensure a smooth nationwide transition, BML has introduced simple, streamlined mechanisms to assist existing personal account and loan holders who wish to convert their conventional facilities to Islamic banking alternatives. The bank clarified that while Shari'ah-compliant services are now the primary focus, customers who still prefer conventional banking options may access them upon direct request.

This milestone follows a comprehensive, year-long operational overhaul during which BML systematically rebranded all of its regional branches into dedicated Islamic Banking service centers. By doing so, the bank successfully extended its Shari'ah-compliant infrastructure across its entire national network. 

BML has assured customers that all Islamic banking products adhere strictly to international best practices and global standards, with customer funds managed under Islamic principles kept completely separate from conventional banking operations.

BML’s Chief Executive Officer and Managing Director, Mohamed Shareef, described the transition as a direct response to evolving consumer preferences.

Since introducing Islamic banking in 2015, we've seen strong and sustained growth in demand for these services over the past decade. Today's milestone marks a pivotal moment for the Maldivian banking sector. Our goal is to provide customers with comprehensive Shari'ah-compliant financial solutions that grow with the evolving needs of our community,” he said.

BML remains the premier provider of Islamic banking in the Maldives, boasting an extensive portfolio of compliant accounts, cards, and financing solutions. Notably, the bank continues to issue the country's only Islamic credit card currently available on the market.