Over 2,200 Apply for Shariah-Compliant Housing Loans

More than 2,200 applications have been received for the government’s Islamic housing loan schemes under the 'Hiyaavehi Financing Programme', according to Minister of Construction, Housing and Infrastructure Abdulla Muththalib.

Speaking at a signing ceremony with the Bank of Maldives (BML), Minister Muththalib said the 'Hiyaavehi Rahvehi' scheme, designed for residents of the outer islands, received the highest number of applications — 1,329 in total. 'Hiyaavehi Saharu', targeted at urban areas outside Malé, received 586 applications, while 341 applications were submitted for the Malé-focused 'Hiyaavehi Fahimalé' scheme.

Launched in November 2024, the Hiyaavehi programme is a nationwide initiative offering Shariah-compliant home construction loans with a 5% profit rate. It includes three schemes: 'Rahvehi' (outer islands) with loans up to USD 0.65 million, 'Saharu' (urban islands) with up to USD 1.95 million, and 'Fahimalé' (Malé area) with financing up to USD 3.89 million. Joint applicants in Malé can receive up to USD 6.48 million.
Minister Muththalib stated that the Ministry is currently reviewing the applications, after which BML will begin evaluating them in July. While he could not confirm when loans will be disbursed, he said the aim is to begin as soon as possible.

The agreement with BML is part of the government’s broader commitment to addressing the country’s long-standing housing crisis. President Dr Mohamed Muizzu has allocated USD 64.9 million from the 2025 state budget for the scheme. Banks will contribute a matching amount, raising the total financing pool to USD 129.7 million.

The Hiyaavehi programme is designed to make home construction more accessible, especially for families building on allocated land across the country.