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Rules & rates

MIB's Ujaalaa Hiyaa, in plain terms

Maldives Islamic Bank finances home purchases through Ujaalaa Hiyaa: 9 to 10% a year, up to 25 years, from 10% of the price down, with no guarantor. What the product is, who qualifies, and what it does not cover.

By Binga Concierge Published 18 October 2026 2 min read

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Ujaalaa Hiyaa is Maldives Islamic Bank's (MIB) home purchase financing. It is the bank's only retail product for buying a home, and it follows Islamic principles.

The terms MIB publishes

	Ujaalaa Hiyaa
What it buys	Completed flats and row houses; flats under construction in MIB-approved projects
Profit rate	9% to 10% a year (published ceiling: 11%)
Term	Up to 25 years
Your equity	At least 10% of the price
Currency	Rufiyaa only
Age	18 to 60 when you apply
Work history	12 months in full-time work
Repayments	All monthly commitments, including this one, at most 50% of gross income
Guarantor	Not required
Co-applicants	Spouse, parents or children only
Security	The home, mortgaged to MIB once registered

What sets it apart

10% down. Your equity can be cash, your pension savings pledged as collateral, or money already paid to the developer.
No guarantor, which many lenders require.
Income routed to MIB: you agree that all your income will be paid into your MIB account once the financing is approved.
Takaful paid up front: cover for the whole term must be paid before MIB releases the money.

What it does not cover

Buying land or building on your own land. For that, MIB takes part in the government's 5% Hiyaavehi scheme.
US dollar financing.
Off-plan flats outside MIB's approved list.
Foreign buyers. No MIB page offers Ujaalaa Hiyaa to non-Maldivians. Ask MIB in writing if this applies to you.

How to apply

Online at applynow.mib.com.mv, at ApplyNow kiosks in MIB's Head Office, Business Centre and Hulhumalé branch, or with the paper application form. MIB CustomerCare: +960 332 5555, customercare@mib.com.mv.

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

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.