Maldives banks revising home finance to cater to emerging real estate demand
09 Feb 2013, 12:08 PM
Neil Merrett
Two banking groups operating in the Maldives have announced the launch of new home financing mechanisms they have said will cater for predicted growth in the country’s real estate sector.
Both the Maldives Islamic Bank (MIB) and Bank of Maldives (BML) have launched new home finance packages in recent weeks to try and cater for a perceived emerging demand amongst local buyers.
MIB on Tuesday (February 5) officially launched a new mechanism for home financing based on the Islamic principle of “Diminishing Musharaka”.
A spokesperson for MIB explained that the principle required the formation of a partnership between itself and an individual customer or institution to jointly buy a property.
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