BML Islamic Home Construction financing facility provides a Shari’ah compliant alternative to build the home of your dreams. 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 property finance in line with your faith or simply want a more principled way of building your home, BML Islamic Home Construction Finance offers the answer. This facility can be used to build a new house after purchasing land, renovate, extend and refurbish your existing home for personal use, and can also be used to refinance your existing home construction loans/ finance facilities taken from BML or from another institution for the same purpose.
BML Islamic Home construction 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.
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 Home Construction 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 Home Construction Finance does vary based on individual applications and we will keep you updated throughout the process.