Ooredoo partners with Islamic Bank to provide installments on phones and accessories

Counter at MIB | Photo: MIB

Male’, Maldives – In a statement earlier today, Ooredoo Maldives announced a partnership with Maldives Islamic Bank, enabling installment payment services to customers for handsets and accessories.

According to the statement, this is the first time in the Maldives, a telecom company has partnered with a banking service to enable a smart financing option to acquire devices and accessories. Through MIB’s ‘Ujaalaa Dhiriulhun’ (UD) financing option, customers can purchase a variety of devices and accessories sold by Ooreedo, on installment payments.

MIB’s ‘Ujaalaa Dhiriulhun’ is based on the Islamic finance concept of Murabaha, which is an Islamic financing structure in which the seller and buyer agree to the cost and markup of an asset. The markup takes place of interest, which is illegal in Islamic law.

“With new technologies, digital services and features emerging in the market, the need to obtain the latest handsets and accessories is on the rise. We are excited with our partnership with Maldives Islamic Bank as it would help our customers acquire the desired devices at the best rate within the market with a payment solution that would be light on the pockets.” Ooredoo Maldives, Acting Chief Commercial Officer, Hussain Niyaz.

The company offers a wide range of handsets ranging from low-end, mid and high-end mobiles and accessories with additional benefits to Ooredoo customers such offers Free Data for a number of months. With the MIB financing option, customers from other networks will also be able to purchase devices with a payment plan of their choice which can be done though Ooredoo shops in Male’ & Hulhumale.