Rules & rates
The cost beyond the rate: MIB's fees and takaful
On MIB's Ujaalaa Hiyaa, the profit rate is only part of the cost: a 1.5% processing fee (at least MVR 5,000), MVR 2,500 for the offer letter, valuations at cost, 1% to amend the facility, 0.5% on part payments, and takaful for the whole term paid before the money is released.
Maldives Islamic Bank (MIB) publishes its charges in a List of Bank Charges. The current version, 5.8, took effect on 24 September 2026. These are the lines that apply to Ujaalaa Hiyaa.
Charges
| Charge | Amount |
|---|---|
| Processing fee | 1.5% of the facility, at least MVR 5,000, on approval |
| Conditional offer letter | MVR 2,500 |
| Valuation reports, BOQ checks | Billed up front, at cost |
| Amending the facility | 1% of the approved amount, at least MVR 5,000 |
| Part payments | 0.5% of the amount paid early |
On MVR 2.7 million, the processing fee alone is MVR 40,500.
Takaful: the large one
MIB says takaful for the entire term must be paid in full before the money is released. That is cover for up to 25 years, paid at the start. MIB does not publish the provider, what the cover includes or the typical cost. Ask for a quote early: it can change how much cash you need on day one.
How the fees have moved
- June 2023: processing fee 1.25%, amendment fee 0.75%.
- January 2024: 1.5% and 1%, unchanged since.
Reading the rate
- MIB's page quotes 9% to 10% a year.
- Its charges list sets a maximum of the Base Rate plus 1%. The Base Rate has been 10% in every list since June 2023, so the ceiling is 11%.
- The schedule says the premium for each customer is set out in the facility documents. MIB does not publish what decides where you land in the range. Ask, and ask whether your rate is fixed for the term.
Before you sign
Ask MIB for a written total: processing fee, offer letter, valuation, takaful, and your monthly payment. Compare that total, not just the rate.
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.
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Sources and method
- www.mib.com.mv/downloads/502/download (MIB List of Bank Charges v5.8, effective 24 September 2026)
- www.mib.com.mv/personal-financing/ujaalaa-hiyaa (MIB Ujaalaa Hiyaa, read 18 October 2026)
- www.mib.com.mv/frequently-asked-questions (MIB FAQ, read 18 October 2026)
- www.mib.com.mv/downloads/205/download (MIB charges, June 2023)
- www.mib.com.mv/downloads/233/download (MIB charges, 1 January 2024)
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