The Chief Executive Officer and Managing Director of Bank of Maldives (BML), Mohamed Shareef, has stated that the bank’s involvement in the government’s housing initiative is not profit-driven, but focused on addressing one of the Maldives’ most pressing social challenges: affordable housing.
BML began its housing initiatives in October last year by establishing a dedicated subsidiary, BML Affordable Home Leasing Company, to manage these projects. Shareef noted that this move followed policy changes allowing financial institutions to actively participate in housing development. He described the launch of construction shortly after the subsidiary’s establishment as a significant achievement, reflecting strong leadership and effective policy direction aimed at improving citizens’ welfare.
The project adopts a lease-to-own model, enabling families to make affordable monthly payments without the need for large upfront costs. Shareef highlighted that this is the first housing project in the Maldives to implement such a model through a bank.
BML is already supporting housing through various other schemes. Under the government’s Hiyaavehi housing scheme, the equity requirement has been reduced from 20 percent to 5 percent. The scheme offers soft loans of up to MVR 3 million (approximately USD 194,500), with a total of USD 136 million allocated to the program so far.
Under the Inclusive National Affordable Housing (INAH) initiative led by the Maldives Monetary Authority (MMA), BML’s subsidiary is developing a total of 3,260 housing units. The project is being carried out by China Machinery Engineering Corporation (CMEC) in partnership with Beijing Urban Construction Group (BUCG), along with local firms Amin Construction, FW Construction, and Rasheed Carpentry and Construction (RCC).
The foundation stone for the first 1,224 housing units in Hulhumalé Phase III was laid on 21 March during a ceremony officiated by President Mohamed Muizzu.
