Q. How is Wadi’ah Account Shari'ah-compliant?
A. Wadi’ah Personal and Business Accounts are based on the Shari'ah concept of Wadi'ah Yad al-Dhamana (Safe Keeping with Guarantee) and is developed according to the international standards and best practices for Islamic banking. This product is internally approved as Shari'ah-compliant by BML's Shari'ah Advisory Committee. It is also approved by the Shari'ah Council of Maldives Monetary Authority.
Q. How can I transfer my funds in conventional current/saving accounts to Wadi’ah Personal Account?
A. Fill the BML Islamic Account Opening Form and submit along with supporting documents to our BML Islamic Male’ Branch or Atoll-based Branch closest to you, among the country’s largest network of branches. Once the account is opened, you may transfer your funds to your Wadi'ah Personal Account via Internet Banking, ATM or Cheque.
Q. How does BML ensure that there is no co-mingling of Islamic Banking funds with the conventional banking funds?
A. BML Islamic Banking service is established as a separate, financially independent business segment overseen by a dedicated Islamic Banking Division. All assets and liability accounts of BML Islamic will be booked separately to a segregated balance sheet and incomes derived therein will be booked separately to segregated BML Islamic statements of income.
Q. Are BML Islamic accounts available only for Maldivians or Muslims?
A. No. BML Islamic Banking services are available to all our customers regardless of their nationality or faith. Our Shari'ah compliant offer is bound by transactional rules and ethical parameters of Islamic Banking that differs from conventional banking.
Q. Will the Bank use the funds deposited by customers in Wadi'ah Personal Account for financing purposes?
A. Yes. The Bank at its discretion can use the funds to provide Islamic financing as per the terms and conditions of the service.
Q. Will the Bank pay any reward or profit for Wadi'ah Personal Account holders since the Bank may utilise the funds?
A. No. This is not a profit sharing product as the deposit is guaranteed by the Bank to account holders. The deposit is not treated as an investment with the Bank as found in other products based on profit sharing contracts such as Mudharabah.