Consumer Goods Financing 

Based on the Islamic finance concept of Murabaha, instead of lending you with cash, we purchase the desired product from the seller and re-sell it to you at a predetermined and competitive price which includes bank's profit. In return, you pay the total amount over agreed upon monthly installments.

- Repayment period 6 to 18 months
- Monthly payable must be less than 34% of confirmed income.

Features & Benefits

100% Shari'ah compliant financing
A fully transparent transaction with no processing fees, no additional charges or hidden costs.

Eligibility

-  Maldivian with valid resident identification card
- Age between 21 to  60 years
- Living and working in Maldives (Government Staff working in islands will be evaluated on case to case basis)
-  Has been in employment for the last 12 consecutive months with MIB accepted employers
- Customer must provide 1 guarantor, preferably his/her relative,
- undertaking an employment for minimum period of one year
- Earning a minimum confirmed income of MVR4,000.00. Total average gross salary for the past six months should be a minimum of MVR6,000.00
- Monthly payment should not exceed 34% of Customer's six months average salary.
- Total deduction (including other banks) should not exceed 50% of the Customer's confirmed income excluding statutory deductions.

Customer Payment Options

- Salary Deduction

REQUIRED DOCUMENTS:

-  Completely Filled Application Form
-  Copy of National Identity Card
-  Employer Letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.
-  Last 06 month's Bank Statement
-  Last 06 month's Salary Slip
-  Quotation from MIB authorized Dealers

Guarantor's Requirement

The Guarantor for this facility must be;

- Maldivians with valid resident identification card
- Aged between 21 to 60 years
- Living and working in Maldives
- Has been in employment for the last consecutive 12 months with MIB accepted employers
- Guarantor preferably is related to Customer either by blood or marriage

And should provide the following documents

- Employer letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.
- Copy of national identity card