# 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.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/mib-approved-projects-buying-off-plan
Published: 2026-10-18T07:35:03.626Z · Updated: 2026-10-18T07:35:03.626Z · Event date: 2026-10-18

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

1. **Is this project approved, today?**
2. **How will payments be released**, and what do I pay while it is being built?
3. **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.*

## Sources
- www.mib.com.mv/personal-financing/ujaalaa-hiyaa (MIB Ujaalaa Hiyaa, read 18 October 2026) (https://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) (https://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) (https://edition.mv/business/43129 (The Edition, 3 August 2025))
- www.mib.com.mv/news/36 (MIB, August 2024) (https://www.mib.com.mv/news/36 (MIB, August 2024))

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