Rules & rates
Buying off plan with MIB: the six approved projects
MIB finances flats under construction only in projects it has approved. Six are on its list today: Renaatus Javaahiru, RainPalm and RainPearl Residence, Centreal, The Creek View and SJ Creek Residences. How the list has changed since 2023, and what it means for buyers.
Maldives Islamic Bank (MIB) finances completed homes from any seller. For homes still being built, it finances only projects on its approved list. MIB says it assesses the financial capacity of each developer before approving a project.
On the list today
| Developer | Project |
|---|---|
| Renaatus Properties Maldives | Renaatus Javaahiru |
| Rainbow Singhal Developers | RainPalm Residence |
| Rainbow Singhal Developers | RainPearl Residence |
| Apollo Holdings | Centreal – Homes by Apollo |
| SAS E – Glut Joint Venture | The Creek View |
| SJ Construction | SJ Creek Residences |
From MIB's Ujaalaa Hiyaa page, read 18 October 2026.
How the list has changed
In October 2023 the list also carried Blue Haven (Rasheed Carpentry & Construction), Aqua Vita (NPH Development), Skyside (Renaatus) and HDC's Vinares. They have since dropped off. MIB does not say why; completion or sell-out is the likely reason, but we have not confirmed it. Renaatus Javaahiru and the two Rainbow Singhal projects have been added.
What it means for you
- If your project is on the list, MIB can finance it before handover.
- If it is not, ask MIB whether it is under review, or look at lenders that have approved it.
- Completed homes do not need to be on the list.
- We found no published agreement between MIB and any of these developers beyond the list itself. Ask the developer which lenders have approved their project, and check with the lender.
Ask before you book
- Is this project approved, today?
- How will payments be released, and what do I pay while it is being built?
- Will payments I have already made to the developer count as my equity? (MIB says they do.)
As published by Maldives Islamic Bank on 18 October 2026. Rates and terms change; confirm them with MIB before you commit. General information, not financial advice.
Compare lenders with the concierge
Sources and method
- www.mib.com.mv/personal-financing/ujaalaa-hiyaa (MIB Ujaalaa Hiyaa, read 18 October 2026)
- web.archive.org/web/20231002051042/https://www.mib.com.mv/personal-financing/ujaalaa-hiyaa (archived product page, 2 October 2023)
- edition.mv/business/43129 (The Edition, 3 August 2025)
- www.mib.com.mv/news/36 (MIB, August 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.
Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.
