President Dr Mohamed Muizzu has announced that housing loans issued on Islamic Financing will be disbursed between June and July this year.

Speaking during his visit to Haa Alif Molhadhoo, the President reiterated his Administration’s commitment to ensuring housing for all citizens. He referenced the "Hiyaavahi Financing Scheme", introduced in October, which aims to provide affordable housing loans at an interest rate of less than five per cent.

The initiative is designed to facilitate home construction across the country, including in Molhadhoo, by enabling residents to build houses on allotted land. The President stated that all formalities related to the disbursal process are being finalised, and the loans will be made available by the middle of the current financial year.

He expressed confidence that once the necessary procedures are in place, loan issuance would commence as planned, allowing people to begin construction on their homes.

Under the scheme, loans can be accessed both for the construction of new homes and for the completion of unfinished housing projects. The Government has allocated MVR 4.8 billion for housing projects, with MVR 1 billion specifically set aside for the loan scheme.

During his speech, President Dr Muizzu also addressed the progress of infrastructure projects for Molhadhoo. He discussed his commitment to delivering essential services to the island, stating that water and power generation projects were nearing completion. Additionally, he noted that waste management issues would be resolved soon.