BML Launches Subsidiary To Develop 3,000 Affordable Homes In Greater Malé
Minister of Construction, Housing, and Infrastructure, Dr. Abdulla Muththalib (L), and the Managing Director BML Affordable Home Leasing Pvt Ltd, Hassan Shaam, on November 13, 2025 | Photo: Ministry of Construction, Housing, and Infrastructure’s X account
Bank of Maldives (BML) has formed and registered a new company, BML Affordable Home Leasing Pvt Ltd, and signed an agreement with the Ministry of Construction, Housing and Infrastructure to develop 3,000 housing units in the Greater Malé Area.
The subsidiary, fully owned by BML, will operate in line with the Maldives Monetary Authority’s (MMA) Section 4(a)(1) of the Inclusive National Affordable Housing (INAH) regulation and comply fully with Shari’ah principles. The Ministry will provide land in Hulhumalé Phases 1 and 2 and Vilimale’ for the project under the INAH scheme, which requires commercial banks to allocate 10–15 percent of their loan portfolios to affordable housing.
advertisement
advertisement
advertisement
“Accessibility and affordability are key pillars of President Dr. Muizzu’s housing policy. Today, we allocated land in Hulhumalé and Vilimale’ for 3,000 units to BML Affordable Home Leasing Pvt Ltd. This is a concrete step toward expanding home ownership for Maldivians without sovereign debt financing,” Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib said.
ބޭންކް އޮފް މޯލްޑިވްސް އާއި މިނިސްޓްރީ އޮފް ކޮންސްޓްރަކްޝަން، ހައުސިން އެންޑް އިންފްރާސްޓްރަކްޗަރ އާއި ދެމުދު އިންކްލޫސިވް ނެޝަނަލް އެފޯޑަބަލް ހައުސިން ސްކީމްގެ ދަށުން އަޅާ 3000 ހައުސިން ޔުނިޓް އެޅުމަށް ބޭނުންވާ ބިން ހަވާލުކުރުމުގެ އެއްބަސްވުމުގައި ސޮއިކޮށްފިއެވެ.
މި… pic.twitter.com/y6osge4dDP— Ministry of Construction, Housing & Infrastructure (@MoCImv) November 13, 2025
“As the largest bank in the country, we are proud to be the first to implement this scheme. Housing units will be financed by the Bank and built through qualified developers under a lease-to-own model, enabling first-time homeowners to gradually acquire ownership,” BML CEO Mohamed Shareef, said highlighting the bank’s role in the initiative.
The Bank has invited local and foreign developers to submit Expressions of Interest, after which evaluations and memoranda of understanding will be completed to progress the project.
