# 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.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/mflc-maal-islamic-home-financing
Published: 2026-10-18T07:32:59.258Z · Updated: 2026-10-18T07:32:59.258Z · Event date: 2026-10-18

**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

1. **MFLC Maal and you buy the home together.**
2. **You pay rent** for using MFLC Maal's share.
3. **You buy its share gradually** through agreed instalments.
4. **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.*

## Sources
- www.mflc.mv/maal (MFLC Maal overview, read 18 October 2026) (https://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) (https://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) (https://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) (https://www.mflc.mv/announcements/mflc-launches-shariah-compliant-mflc-maal-at-23rd-anniversary (MFLC press release, 2024))

Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.