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 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.

Key Features

  • Fully Shari’ah Compliant
  • Properties under construction can be financed
  • No additional security or guarantor required
  • Longer/flexible grace period up to 18 months
  • Flexible facility tenure up to 20 years
  • Equity: 20%
  • No deposit required
  • Can use savings at pension fund to finance equity contribution
  • Lease Rate: 11%
  • Home Purchase Financing can be used by existing home owners to buy another property

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)
  • Current salary and income from existing other sources should be sufficient to cover repayment (rental income from proposed project will not be considered)
  • Client should be a BML Customer with at least 12 months account operation

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:

  • Client to pay for the takaful policy for the whole tenure of the facility to the takaful operator,
  • Client to pay for the takaful policy for one year to the takaful operator and pays for the remaining years on a monthly basis to the bank and bank will renew the policy on behalf of the client at the end of the year,
  • Include the cost of takaful in the facility amount and bank pays for the takaful policy for the whole tenure of the facility to the takaful operator
  • Client to include the takaful cost for one year in the facility amount and the client pays for the subsequent years for the policy to the bank on a monthly basis and bank will renew the policy on behalf of the client at the end of the year.

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.