Bank of Maldives (BML) has established a fully owned subsidiary company for housing, BML Affordable Home Leasing Pvt Ltd, which has been awarded the development of 3,000 housing units under the Inclusive National Affordable Housing (INAH) Scheme.
The initiative is in line with the new regulation formed by central bank, Maldives Monetary Authority (MMA), following the cabinet’s decision to launch the National Housing Affordability and Accessibility Project, aimed at enhancing access to affordable housing. The initiative includes developing housing units in partnership with financial institutions and making them available to the public through a lease-to-own scheme.
To boost home ownership, the MMA’s new regulations require all commercial banks in the Maldives to dedicate 10 percent to 1 percent of their total loan portfolios to the Inclusive National Affordable Housing (INAH) Scheme.
Bank of Maldives (BML)'s subsidiary, BML Affordable Home Leasing Pvt Ltd, signs agreement with Housing Ministry for the development of 3,000 affordable housing units on November 13, 2025. (Photo/Housing Ministry)
BML, in response, established and registered a fully owned subsidiary, BML Affordable Home Leasing Pvt Ltd, with MMA approval under Section 4(a)(1) of the INAH regulation. The subsidiary will operate in full compliance with Shariah principles.
The subsidiary is headed by BML’s Director of Executive Affairs, Properties and Administration Hassan Shaam.
The company signed an agreement with the Ministry of Construction, Housing and Infrastructure to secure land in Hulhumale’ Phase I, Hulhumale’ Phase II, and Vilimale’, for the development of 3,000 housing units under the INAH scheme.
The agreement was signed by Minister of Construction, Housing and Infrastructure Dr. Abdulla Muthalib and BML Affordable Home Leasing’s Managing Director Shaam.
Speaking during the signing ceremony, BML’s CEO, Managing Director Mohamed Shareef said the bank, as the largest in the Maldives, holds over 52 percent of the total loan market share and therefore, recognize the tremendous privilege and responsibility the bank has in positively contributing to this critical project.
“We are proud to be the first bank in the country to begin work towards implementing this initiative with the signing of today’s agreement. This is a key step forward in fulfilling the requirements of the scheme and supporting the Government’s commitment to providing affordable housing solutions for Maldivian families. As always, the Bank will ensure compliance with local regulatory requirements and follow international best practices to uphold shareholder and customer interest,” he said.
Bank of Maldives (BML)'s CEO, MD Mohamed Shareef during agreement signing ceremony between BML Affordable Home Leasing Pvt Ltd and Housing Ministry for the development of 3,000 affordable housing units on November 13, 2025. (Photo/Housing Ministry)
According to Shareef, the housing units will be financed by the Bank and constructed through qualified and experienced developers, under a lease-to-own model for first-time homeowners.
“The Bank will carry out this project so that individuals can become homeowners through a structured and affordable process. Residents can lease the property while making monthly payments, and upon the completion of these payments, the ownership of the property will be transferred to the resident,” he added.
BML said the bank has invited selected local and international developers to submit Expressions of Interest. Following this, the bank said it will conduct the necessary evaluations and due diligence before signing MOUs to advance the initiative.