MIB collaborates in Hiyaavehi Finance to issue loans

Minister of Housing, Land, and Urban Development Dr. Ali Haidar Ahmed has announced a collaboration with Maldives Islamic Bank (MIB) aimed at easing the process of obtaining low-interest loans to support individuals in securing housing. Introducing a long-term repayable loan with an interest rate of less than 5% is a key commitment of President Dr. Mohamed Muizzu.

Speaking at the ceremony held to sign the Hiyaavehi Finance agreement with MIB, Minister Dr. Haidar expressed his appreciation for MIB's involvement in the housing scheme. He also disclosed that the SME Development Finance Corporation (SDFC) will collaborate with MIB to issue the loans under the schemes to residents. Highlighting the nationwide housing crisis, he noted that President Dr. Muizzu introduced these loan scheme projects to address this pressing challenge.

During the ceremony, MIB CEO Mufaddal Idris Khumri expressed pride in participating in such a significant government service aimed at benefiting the people. He assured that utmost efforts will be made to ensure the convenience and accessibility of loans for residents.

The government is confident that offering low-interest loans for housing will significantly contribute to finding a sustainable solution to the housing crisis. Loans under the scheme will be issued in two categories: loans designated for the Malé City region and urban centers determined by President Dr. Muizzu, and loans specialized for residents in other areas. Loans for those in Malé City and urban centers can be issued up to USD 194,552, while loans for those residing in other areas can be issued up to USD 64,850. The loans under both categories must be repaid within a period of 25 years.