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 also be used to purchase land and build a new house, renovate, extend and refurbish your existing home, and can also be used to refinance existing construction loans/ finance facilities from BML or from another institution.
|Customer’s equity contribution||Lease rates: per year|
|20%||Base Rate + 1.50% = 11.50%|
|30%||Base Rate + 1.25% = 11.25%|
|40%||Base Rate + 1.00% = 11.00%|
|50%||Base Rate + 0.50% = 10.50%|
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.