As stated, the interest charged during these 6 months will be added to the outstanding loan amount and spread over the remaining period of the loan. During the moratorium period, the Bank will not be compounding interest for these loans i.e. it will not be charging interest on interest.
The Bank has in addition decided to relax the eligibility criteria, and in order to apply, customers should not have more than 1-month loan installment overdue. Other customers may bring their accounts up date, as outlined before, and will then be eligible at any time during the moratorium period.
Starting 30th March 2020, customers will be sent individual details on the moratorium, and the process to apply online.
For BML Islamic customers with personal, housing or business financing, the above is applicable except for customers with Murabaha financing. The Bank will contact these customers separately.