Our BML Islamic Guest House financing provides you a Shari’ah compliant alternative to invest or expand your Guest House businesses across Maldives. This facility can be availed to finance construction of guest houses / hotels or to renovate, extend and refurbish your existing guest house/hotel.
Guest House Finance can be utilized for
Submit completed Guest House 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 Guest House Finance does vary based on individual applications and we will keep you updated throughout the process.
Application Fee: MVR 1,500 for each application. This fee will not be refunded.
Other fees and charges will be levied as per BML Islamic Schedule of Charges
BML Islamic Guest House 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;