Bml Islamic

BML Islamic - Home Purchase Financing

BML Islamic Home purchase financing facility provides a Shari’ah compliant alternative to purchase the home you desire. The facility is offered under the concept of Diminishing Musharaka and conforms to Shari’ah laws specifically related to financing, ownership and trade. This facility can also be used to purchase land, apartments, flats, row houses or to refinance an existing home purchase loan/financing facility from BML or any other institution with no additional security.

Key Features

  • Fully Shari’ah Compliant
  • Properties under construction can be financed
  • No additional security or guarantor required
  • Longer/flexible grace period up to 24 months
  • Flexible facility tenure up to 20 years
  • Customer’s balance at pension fund considered as customer’s equity contribution

Lease Rates

Customer’s Equity Contribution

Leasing Rate









How is BML Islamic Home Purchase Shari’ah compliant?

This facility is offered through Islamic financing contract Diminishing Musharaka (Reducing Partnership) between the Bank and the customer, where the customer and the Bank contribute capital to become joint-owners of the project. The customer would pay the Bank both a monthly rental and a payment to acquire the Bank’s capital in the partnership. Upon maturity of the financing, customer will own 100% share of the project and close the contract.


  • Maldivians aged above 18 years, and below 60 years at maturity
  • Personal banking customers (Individual or Joint)

Takaful Requirement (Islamic Insurance)

A comprehensive Takaful policy including loss of rental/income is mandatory during the tenure of the facility. To pay for the policy, clients are provided with the following options:

  • Takaful cover to be taken for the whole tenure with a company of your choice and make a lump-sum payment.
  • Takaful contribution for the whole tenure to be added to the financing amount under BML Insurance – Home Takaful policy and paid on monthly instalments.
  • Takaful contribution for the first year to be added to the financing amount or to be paid by customer’s own fund.
  • The customer will prepay the Takaful contribution for the remaining years in monthly instalments to the Bank and at the end of each year Bank will pay the collected Takaful contribution to the Takaful operator on behalf of the customer.

How to apply

Submit completed Home Purchase Financing Application form and all supporting documents to BML Islamic Male’ Branch or any other branch outside Male’.

After assessing the application, we will be in contact with you for the next steps. Processing time for Home Purchase financing facilities can vary based on individual applications and we will keep you updated throughout the process.

Applicable Fees

Application Fee: MVR 1,000 for each application. This fee will not be refunded.

Other fees and charges will be levied as per BML Islamic Schedule of Charges.

Important Information

You can keep track of your BML Islamic Home Purchase financing account via Internet Banking, Mobile Banking App or through monthly statements.

Our dedicated Islamic Banking team is available to guide you through our products and services and assist you in planning for your financial needs. Please visit our dedicated BML Islamic Business Centre for professional advice on specifically tailored Shari’ah-Compliant financial solutions for your financial requirements.