Maldives Islamic Bank (MIB) is now offering their consumer goods financing facility ‘Ujaalaa Dhiriulhun’ up to MVR 400,000.
MIB’s ‘Ujaalaa Dhiriulhun’ is designed to assist individuals to purchase lifestyle consumer goods. Customers can purchase goods of a wide variety such as phones, electrical goods, furniture, kitchenware, construction materials and much more. This facility is based on the Islamic finance concept of Murabaha.
Customers can apply for the facility if employed for the past 6 months and have been in employment with the current employer accepted by the Bank for the last 3 consecutive months, or; by providing rental income record for the past 6 months. Payments can be made via salary deduction directly in partnership with the employer.
The ‘Ujaalaa Dhiriulhun’ facility does not require any advance payments and has a flexible repayment option of 18 to 48 months.
MIB stated that the decision to extend the financing limit to MVR 400,000 was for customer convenience and to ease the burden on customers to buy items needed during the holy month of Ramadan.
More information regarding ‘Ujaalaa Dhiriulhun’ can be found via the link below.