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 apartments, flats, row houses or to refinance an existing home purchase loan/financing facility from taken BML or any other institution with no additional security.
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.
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:
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.
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.
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.