Bank of Maldives (BML) Chief Executive Officer (CEO) and Managing Director, Mohamed Shareef has revealed that it will complete and handover the housing units being constructed under the BML affordable housing projects initiative.
In compliance with Maldives Monetary Authority (MMA) regulations, BML has established BML Affordable Home Leasing Pvt Ltd. This subsidiary is tasked with financing and implementing housing projects, having already solidified an agreement with the government to develop 3,000 units across the Greater Malé region in November 2025. Under this scheme, 300 housing units will be developed in Villimale’ and 2700 will be developed in Hulhumale’ Phase I and Phase II. The scheme was later expanded to include an additional 260 houisng units.
Speaking during the inauguration of BML’s Kudahuvadhoo branch in Dhaalu Atoll, BML’s Managing Director Shareef said that the growth of the bank financially and operationally strengthens its motive of prioritising development initiatives to the citizens as part of its role as the ‘National Bank’. He reiterated that BML is a partner in such vital development initiatives of the government.
“Under the lease to own module, work has commenced on the construction of 3,260 housing units through BML’s subsidiary, which in turn has contracted this work to the relevant parties. By god’s will, by mid-2028 these flats will be handed over to recipients. Furthermore, the bank is assisting government’s important infrastructure projects through a contractor finance module, built on the rigid banking regulation in place” Mohamed Shareef said.
These projects are being implemented through local and international partners contracted through a rigorous evaluation in line with the governance, risk, and compliance standards detailed under the MMA’s Inclusive National Affordable Housing Scheme (INAH). The projects were awarded to local contractors Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd as well as international contractors Beijing Urban Construction Group and China Machinery Engineering Corporation.
BML’s subsidiary BML Affordable Home Leasing Pvt Ltd was established with approval from MMA and is shariah compliant. BML and its subsidiary is working towards realising the central bank’s vision of financial inclusivity for all and affordable housing initiatives, which also is a key pillar of the current administration’s broader vision for a more equitable society.