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BML Islamic Retailers' Financing

BML Islamic Retailers' Financing is an exclusive financing solution granted to existing Small and Medium Enterprises (SMEs) to finance the growth of the business. This financing is specifically designed and tailored to finance the working capital of businesses, restocking of goods for sale, acquiring asset for business purposes and finance imports.

Eligible customers have the opportunity of obtaining a financing valued up to three times the monthly average of sales generated through BML Point of Sale (POS) terminal(s).

500 Retailers Loan

Key Features

  • Financing is available as either a Term financing facility or Wakala based Overdraft financing facility
  • Financing value is up to three times of the monthly average POS sales
  • Financing processed within 10 working days
  • No security or deposits required
  • Payment period
    - For Term financing facility: 48 months
    - For Wakala based Overdraft financing: 12 months
  • Customers can use the financing funds to pay for imports via BML’s Swift Transfer or Letter of Credit without having to provide USD for the transaction, subject to availability.

For financing amounts up to MVR 500,000

For financing amounts above MVR 500,000

Security
No securityAdditional security is required in the addition to the stock purchased
Profit13% per annum12.75% per annum

Eligibility Criteria

  • Must be a registered business in Maldives
  • With minimum 12 months account operation with BML
  • With minimum monthly average POS sales of MVR 50,000
  • Satisfactory financial position
  • Minimum 12 months POS sales

Supporting documents required

If applying for the financing facility as a Sole-Proprietor

  • ID Card Copy
  • Business registration document
  • Completed "Information Forms for ”Personal Banking Customers” (if not completed within the last 12 months)
  • MIRA registration and latest GST statements
  • Existing inventory list on cost price
  • BML Islamic Fire Takaful application form

If applying for the financing facility as a Company

  • Registration documents (Company & Trade Registration Certificates)
  • “Information Form for Business & Institutions” and “Information Form – Personal Banking Customers” for all Directors (if not completed within the last 12 months)
  • MIRA registration and latest GST statements
  • Existing inventory list on cost price
  • BML Islamic Fire Takaful application form

For both Sole-proprietor and Company include the following;

  • Financial statements for latest 2 financial years, audited if available.
  • Cash flow statement for the past 12 months
  • Projected cash flow statement for the financing tenor (a soft copy will be made available to you upon request)

How to apply

Please submit the completed application form along with the required documents to BML Islamic Male’ Branch or any other Branch outside Male’along with the following documents:

Applicable Fees

Application Fee: MVR 2,500

Processing Fee: Actual charges will be quoted to customers on a case by case basis, and would not exceed 1.5% of the financing amount.