Construction Ministry Signs Agreement to Expand Shariah-Compliant Housing Loan Programme
Ministry of Construction signs agreement with BML to expand the Hiyaavehi Financing Programme | Photo: Ministry of Construction, Housing & Infrastructure
The Ministry of Construction, Housing and Infrastructure has signed an agreement with the Bank of Maldives (BML) to advance the ‘Hiyaavehi Financing Programme’, a nationwide initiative aimed at improving access to affordable home construction loans in accordance with Islamic Shariah principles.
The agreement was formalised at a signing ceremony held at Dharubaaruge yesterday. The Ministry was represented by Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib, while BML Chief Executive Officer Mohamed Shareef represented the bank.
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"ހިޔާވެހި ފައިނޭންސިންގ ޕްރޮގްރާމް" ގެ ދަށުން ލޯނުދޫކުރުމަށް މިނިސްޓްރީ އޮފް ކޮންސްޓްރަކްޝަން، ހައުސިންގ އެންޑް އިންފްރާސްޓްރަކްޗަރ އާއި ބޭންކް އޮފް މޯލްޑިވްސްއާ ދެމެދު ވެވޭ އެއްބަސްވުމުގައި ސޮއިކުރުމުގެ ރަސްމިއްޔާތު މިއަދު ވަނީ ބާއްވާފައެވެ. މި ރަސްމިއްޔާތުގައި މިނިސްޓްރީ އޮފް… pic.twitter.com/tz8mDRcm21— Ministry of Construction, Housing & Infrastructure (@MoCImv) June 24, 2025
First launched on 8 November 2024, the Hiyaavehi Financing Programme offers Shariah-compliant financing at a competitive profit rate of 5 percent. The initiative is designed to support individuals and families building homes on allocated land, with a focus on increasing housing opportunities in the Malé region.
The programme features three distinct schemes tailored to regional housing needs. The ‘Hiyaavehi Rahvehi’ scheme targets residents in the outer islands and offers financing of up to USD 650 thousand. The ‘Hiyaavehi Saharu’ scheme is intended for urban residents and allows access to loans of up to USD 1.95 million. In the Malé region, the ‘Hiyaavehi Fahimalé’ scheme provides financing of up to USD 3.89 million. Joint applications submitted within Malé may be eligible for financing ranging from USD 3.89 million to USD 6.48 million to support shared ownership arrangements.
BML has stated that the bank aims to streamline the application process, with plans to complete loan evaluations within two weeks of receiving submissions. Following this, applications will be forwarded to the Ministry for the next stage of processing.
