# 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.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/mib-ujaalaa-hiyaa-home-financing-explained
Published: 2026-10-18T07:35:03.626Z · Updated: 2026-10-18T07:35:03.626Z · Event date: 2026-10-18

**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.*

## 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))
- www.mib.com.mv/frequently-asked-questions (MIB FAQ, read 18 October 2026) (https://www.mib.com.mv/frequently-asked-questions (MIB FAQ, read 18 October 2026))
- www.mib.com.mv/downloads/502/download (MIB List of Bank Charges v5.8, effective 24 September 2026) (https://www.mib.com.mv/downloads/502/download (MIB List of Bank Charges v5.8, effective 24 September 2026))
- www.mib.com.mv/downloads/455/download (MIB Annual Report 2025) (https://www.mib.com.mv/downloads/455/download (MIB Annual Report 2025))

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