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Launching of Housing Development Corporation’s Islamic Finance Product “Bai Muajjal”
May 29, 2016 : 2:00 pm
Housing Development Corporation has officially launched its Islamic Finance Product “Bai Muajjal” on Sunday, 29 May 2016. The product was launched by Minister of Finance and Treasury Mr Abdulla Jihad at a ceremony held at Stelco Malam. The launching ceremony was attended by Housing Development Corporation’s Managing Director Mohamed Saiman, Sharia Committee’s Chairperson Dr. Aishath Muneeza, management of HDC as well as other government officials and stakeholders.
The aim of introducing this is to ensure that the all properties sold and built by HDC (such as land, row houses and flats) comes under the Islamic guidelines. By following the Bai Muajjal system, customers will be able to make payments in full or in installments.
In this regard, potential customers of HDC’s future sales and existing customers who are currently using conventional payment procedures will have the option to adopt the guidelines of this Islamic Product.
Housing Development Corporation expects to commence acting on these guidelines shortly upon the signing of the agreements and addendums.
