June 8, 2017
Alia Investments Pvt Ltd officially launched Alia Bai’al Taqsit (ABT), the new Islamic Financing product of Alia.
At a ceremony hosted in Champa Central Hotel, ABT was officially launched by the Minister of Home Affairs, Mr. Azleen Ahmed.
Alia was the first Private Company in Maldives to offer an Islamic Financial Product; that was the Alia Ijara Model in 2013.
The most significant change in ABT when compared to Alia’s previous Islamic Financing product is the customers who purchase products from Alia on monthly payment could now own the product right from the first payment. As such motorcycles purchased under this product get registered on the customer’s name with the first payment. An opportunity for a ‘Private’ board instead of the conventional ‘C’ board. Dr. Muneeza, the chair of the Alia Sharia Committee has mentioned in the inauguration ceremony that Alia is the only company in Maldives which do not impose a late payment penalty.
ABT has been implemented from 01st June 2017.