Website Banners Bml Islamic 02

BML Islamic Vehicle Financing

Purchase your preferred vehicle from our authorized dealers with BML Islamic Vehicle Financing. This facility is the Shari’ah compliant alternative offered to customers who wish to purchase vehicle from any of the authorized dealers and pay in monthly installments with our 5 year plan.

Bml Islamic Vehicle Financing

Key features

  • Based on the Shari’ah principle of Murabaha
  • Financing amount from MVR 25,000 to MVR 500,000
  • Financing period up to 5 years
  • No guarantee required
  • No additional security required
  • Profit Rate: 18% per annum
  • Down payment: 20%

Eligibility

  • Personal net monthly income from all sources must be sufficient to cover the repayment amount
  • Customer should have capacity to invest minimum 20% of the cost of vehicle
  • Vehicle should be purchased from an Authorized Dealer registered at BML Islamic
  • Vehicle should have been already imported to Maldives & available for sale
  • Customers applying to buy a 4 wheeler, should have an garage space that is acceptable to transport ministry
  • Repayments of other credit facilities should be satisfactory for the past 12 months

Authorized Dealers:

Two Wheeler

Business Name
AddressContact No.
Checkmark
H. Gasdhoshuge, Majeedhee Mgu
3348886
Litus Automobiles Pvt ltd (including all the outlets across Maldives)
Litus Automobiles, Janavaree Magu
3009996
Kingston Holdings
Ma. Anaa Villa, Keneree Magu
7233033
QuantumFuna, Bandaara Magu, Hdh. Kulhudhuffushi6528687
Auto Center (including Outlet In S. Hithadhoo)
M. Dhooni Huraa, Fareedhee Magu3000786
Drivers ChoiceMa. Atharulaage, Dhilbahaaru Magu7775084
Bills 90M. Emboomaage, Naseemee Hingun7776673
Nalafahi TradeNalahiya, Sh. Funadhoo7903962
Auto ExpressH. Philadelphia, Lonuziyaaraiy Magu9555558
Best Buddy (Including the shop in Hdh. Kulhudhuffushi)M Nooasurumaage, Javaahiru Magu7521915 / 6528980

Four Wheeler

Business NameAddressContact No.
Quantum
Funa, Bandaara Magu, Hdh. Kulhudhuffushi6528687
Bills 90M. Emboomaage, Naseemee Hingun7776673
Auto ExpressH. Philadelphia, Lonuziyaaraiy Magu9555558
Best Buddy (Including the shop in Hdh. Kulhudhuffushi)
M. Nooasurumaage, Javaahiru Magu7521915 / 6528980

How to apply

Submit completed BML Islamic Vehicle Financing Application form and all supporting documents to BML Islamic Male’ Branch or any other branch outside Male’.

We will then assess your application, and will be in contact with you for the next steps. Processing time for BML Islamic Vehicle Financing does vary based on the respective applications and we will keep you updated throughout the process.

Fees and charges will be levied as per BML Islamic Schedule of Charges


How is BML Islamic Vehicle Financing Shari’ah compliant?

BML Islamic Vehicle Financing is a Shari’ah compliant financing product offered to personal customers who wish to acquire vehicles from our authorized local dealers.

The facility is offered through the Islamic financing concept of Murabaha where the bank acquires the asset(s) requested by the customer by submitting a quotation obtained from an Authorized Dealer, and then sells the acquired asset(s)to the customer with a mark-up of the purchase price.