BML Islamic Real Estate financing facility provides a Shari’ah compliant alternative to invest in real estate business to develop property anywhere in the Maldives. The facility is offered under the concept of Diminishing Musharaka and conforms to Shari’ah laws specifically related to financing, ownership and trade. So, whether you are seeking funds for investments in line with your faith or simply want a more principled way of investing, BML Islamic Real Estate Finance offers the answer.
This facility can be used to build, renovate, extend and refurbish property for commercial use or for leasing, and can also be used to refinance existing Real Estate loans/ finance facilities taken from BML or from other institutions for the same purpose.
Real Estate Financing can be utilized for the construction of:
Purchase a land and build a house
BML Islamic Real Estate Financing works through the Diminishing Musharaka and conforms to Shari’ah laws specifically related to financing, ownership and trade. The nature of the contract is co-ownership and the transaction is not based on lending and borrowing of money. Bank invests in the construction creating joint ownership and then gradually transfers ownership to the customer.
A comprehensive takaful policy including loss of rental/income is mandatory during the tenure of the facility. The client is provided with the following options for the takaful policy;
Submit completed Real Estate Financing Application form and all supporting documents to BML Islamic Male’ Branch or any other branch outside Male’.
We will then assess your application, and will be in contact with you for the next steps. Processing time for Real Estate Finance does vary based on individual applications and we will keep you updated throughout the process.