Bank of Maldives (BML) is working to resolve the most significant social challenge facing the Maldives, which is the housing issue, according to BML's CEO and Managing Director, Mohamed Shareef.

Speaking at a ceremony held last night to lay the foundation stone for 1,224 affordable housing units being developed by BML in Hulhumalé, Shareef stated that the decision to enter housing projects or the real estate sector was not driven by a desire to increase BML's profits. Instead, BML's objective is to participate in the government's efforts for national development and the advancement of the citizens, Shareef noted.

Shareef highlighted that the 'lease-to-own' model project, for which the foundation was laid last night, is the first such project undertaken through BML. He explained that these housing units are designed to allow families to make monthly payments at an affordable rate, eliminating the need for a large upfront lump-sum payment.

BML is set to develop a total of 3,000 housing units in the Greater Malé area. The Ministry of Housing has handed over the land required for these 3,000 units to a subsidiary company of BML.

To increase homeownership opportunities, all commercial banks in the Maldives are now required to allocate between 10 to 15 percent of their loan portfolio to the Inclusive National Affordable Housing Scheme.

With the approval of the Maldives Monetary Authority (MMA), BML has established and registered a subsidiary named "BML Affordable Home Leasing Private Limited." The government handed over the land plots to this specific company on November 13, 2025.

Speaking at the land-handover ceremony, Shareef mentioned that as the largest bank in the country, holding 52 percent of the loan market, BML feels the honor and responsibility associated with being awarded this project.

"These housing units will be built with funding from the bank and with the assistance of capable and experienced developers, using a lease-to-own model for first-time homebuyers. This project will be carried out to empower citizens to become homeowners. The property can be leased by making monthly payments, and upon completion of these payments, ownership will be transferred to them," Shareef explained.

The government has handed over land in Villimalé, as well as plots in Hulhumalé Phase 1 and Phase 3, to BML Affordable Home Leasing Private Limited.

BML will proceed with the construction of 2,700 housing units in Hulhumalé Phase 1 and Phase 3, and 3,000 housing units in Villimalé.