Bank of Maldives (BML) has moved all new personal account openings and personal financing applications to Islamic banking principles under its “Islamic Finance First” strategy.

The change took effect immediately and represents a major expansion of Shari'ah-compliant financial services by the Maldives' largest bank.

BML has also introduced arrangements allowing existing personal account holders and financing customers to transition to its Islamic banking services.

The bank said the move follows a year-long initiative to transform its regional branches into dedicated Islamic Banking service centers, providing customers across the country with greater access to Shari'ah-compliant financial products.

BML CEO and Managing Director Mohamed Shareef said demand for Islamic banking has grown steadily since the bank introduced the services in 2015.

He said the latest initiative aims to provide more comprehensive Shari'ah-compliant financial solutions to meet changing customer needs.

BML said its Islamic banking operations are maintained separately from its conventional banking business, with customer funds fully segregated.

Its Islamic products are developed in accordance with international best practices and standards governing Islamic finance.

Customers who prefer conventional banking services can continue to request them directly from the bank.

BML currently offers a range of Shari'ah-compliant financial products, including accounts, cards and financing solutions.

The bank also provides the only Islamic credit card currently available in the Maldives.

The latest initiative reflects BML's continued efforts to expand access to Islamic finance nationwide while strengthening its position as the country's leading provider of Shari'ah-compliant banking services.