BML Islamic offers cash to Hiyaa recipients under home improvement scheme

Bank of Maldives (BML) Islamic has improved accessibility to finance for recipients of  Hiyaa social housing for home improvement under BML Islamic Home Improvement Financing. 

BML Islamic's Home Improvement Financing is an unsecured facility introduced to provide easy access to finance for recipients of social housing to complete finishing work, repair work, and furnish the units.

Interim in-charge of BML Islamic’s Banking Division Hassan Kalaam told Sun that the facility is compliant with Islamic banking principles of murahaba, diminishing musharaka and service ijara.

Speaking further – Kalaam said that cash as well as furniture and fittings can be obtained via the facility.

Under BML Islamic’s Home Improvement Financing –  financing will be available up to MVR 150,000 per project with a repayment period of five years.

However, Kalaam said that repayment in a shorter period of time can be facilitated under Islamic financing principles if desired by the customer. Those who complete the repayment ahead of time – will be entitled to a discount as per the policies set out by the bank.

Kalaam also said that the property owner can apply for the facility jointly with someone else. Moreover, if the property owner is ineligible for the facility – it can be requested by an immediate family member instead.

For an individual to be considered as an immediate family member, it should be someone with a legal connection to the property owner which may include a spouse, children, siblings, parents, grandparents, or grandchildren.

In addition to this, Kalaam noted that Home Improvement Financing can be requested by recipients awarded properties in other social housing schemes from the atolls.

The completed application form requesting for the facility can be submitted online via registered email to [email protected] or Internet Banking. The application form may also be submitted in-person by visiting ML Islamic Male’ branch or any other Branch located outside of Male’.

More information regarding BML Islamic's Home Improvement Financing is available on the bank's  website.