Rules & rates
MFLC Maal: Islamic home financing from a finance company
MFLC's Islamic arm, MFLC Maal, finances homes through Musharakah Mutanaqisah, a diminishing partnership: you and MFLC co-own the home and you buy its share over five to ten years. The terms, the takaful it requires, and how it differs from MFLC's conventional loan.
MFLC Maal is the Islamic finance arm of Maldives Finance and Leasing Company (MFLC), launched in 2024. Its products are approved by MFLC's Shariah Committee. For homes it offers Musharakah Mutanaqisah, a diminishing partnership.
How the partnership works
- MFLC Maal and you buy the home together.
- You pay rent for using MFLC Maal's share.
- You buy its share gradually through agreed instalments.
- When the instalments are complete, the home is fully yours.
There is no interest: the payments are rent and purchase.
The terms
| Musharakah Mutanaqisah | |
|---|---|
| Amount | Above MVR 200,000 |
| Term | 5 to 10 years |
| Grace period | 3 to 12 months |
| Your equity | At least 20% of the total project cost |
| Security | The property being financed |
| Age | 18 to 65 (five years older than MFLC's conventional loan) |
| Guarantor | Required for individuals |
| Profit rate | Not published |
| Processing | Three to five working days on average, once documents are complete |
Three details from the application form
- Takaful is compulsory. You agree to insure the property under takaful for the whole term, at your own cost, and share the policy with MFLC.
- Money can go straight to a developer. Funds may be paid to the customer, supplier, developer or contractor, as agreed with MFLC.
- Pension savings appear as a source of your contribution, alongside savings and money already spent on land or building. Whether your pension can be used is governed by the Maldives Pension Administration Office's rules; ask both.
Who it suits
Buyers who want Islamic financing from a lender other than the banks, and who can manage a ten-year repayment. Older applicants may also prefer it to MFLC's conventional loan, because the age limit is 65 rather than 60.
As published by MFLC on 18 October 2026. MFLC does not publish its rates; ask for them in writing. General information, not financial advice.
Compare lenders with the concierge
Sources and method
- www.mflc.mv/maal (MFLC Maal overview, read 18 October 2026)
- www.mflc.mv/maal/maal-musharakamutanaqisa (MFLC Maal Musharakah Mutanaqisah page, read 18 October 2026)
- www.mflc.mv/_files/ugd/1bb910_a8a7439525a042278fa19a6376bb5e71.pdf (MFLC Maal Home Financing application form, V1 Mar 2026)
- www.mflc.mv/announcements/mflc-launches-shariah-compliant-mflc-maal-at-23rd-anniversary (MFLC press release, 2024)
Prices are asking prices as listed through Binga unless marked achieved, and are dated. Developer descriptions are reported as the developer's own. Facts the desk could not verify are left out. Spotted an error? Write to hello@binga.mv; corrections are noted at the foot of the piece.
- For buyers
- Organisation Maldives Finance and Leasing Company (MFLC)
- Topic home finance
- Topic islamic finance
Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.
