Bank of Maldives (BML), on Sunday, inaugurated the new headquarters of its Islamic Banking arm in the capital city of Male'.

Minister of Finance Ibrahim Ameer presided over the inauguration ceremony.

The modern headquarters, solely dedicated to Islamic Banking services, is intended to cater to BML Islamic’s growing customer base.

The facility will provide counter services for transactions, with a range of financial services available for both individuals and businesses.

The Customer Advice Centre will offer professional advice concerning Shariah-compliant financial solutions for personal and business requirements. A 24-hour self-service ATM which facilitates both withdrawals and deposits is also located at the new building.

Speaking at the opening ceremony, BML’s CEO and Managing Director, Tim Sawyer said, “With the largest Islamic banking network in the country, this is an exciting and progressive development for us that allows us to address the banking needs of our customers better than before”.

BML Islamic offers a comprehensive range of completely Shari’ah compliant alternatives to the bank's conventional products. The bank assured that its services were developed in accordance with international standards and best practices for Islamic Banking.

Customer deposits are maintained in a separate fund utilized exclusively for Shariah-compliant purposes. The bank’s Shariah Advisory Committee, which includes internationally recognised experts, oversees the process.