The Bank of Maldives (BML) has begun its phased roll out of Islamic banking services with the launch of a new Wadi’ah deposit product for personal customers.

The Wadi’ah deposit product will comprise full cheque book, internet banking and debit card services.

The lender has formed a new unit operating under the name BML Islamic that will offer deposit and financing products for personal as well as business customers over the next two years.

The bank said that the new services will adhere to international best practices and Shari’ah standards. The Islamic accounts and funds will be segregated from the rest of the bank’s services.

The Islamic services will be delivered through the bank’s current network of branches, ATMs and card machines.