Managing Director and CEO of Bank of Maldives (BML), Mohamed Shareef, has stated that homeownership should not be a distant aspiration, but an achievable reality for every Maldivian.

He made the remarks while speaking at the groundbreaking ceremony for 1,224 housing units under the BML Affordable Housing Project.

During his address, Shareef said that as the national bank and the largest financial institution in the country, BML views the Maldives Monetary Authority’s (MMA) Inclusive Affordable Housing requirement not merely as a regulatory obligation, but as a responsibility.

He noted that within a short period, BML has made significant progress, including establishing a partnership with the Ministry of Construction, Housing and Infrastructure to deliver 3,260 housing units in the Malé region by mid-2028. He added that the groundbreaking of 1,224 units marks an important milestone in this effort.

The CEO also expressed appreciation to the Ministry and relevant Government agencies for their support, particularly the provision of land free of rent for the project. He described this as a forward-looking step that has enabled the project to reduce costs and ensure the housing units remain genuinely affordable for Maldivian families.

Highlighting the project’s lease-to-own financing model, Shareef stated that it introduces a new approach in the Maldives by reducing the burden of large upfront payments and allowing families to gradually own their homes through manageable monthly contributions. He described this as a practical and inclusive solution tailored to local realities, alongside BML’s wider efforts to expand access to housing finance nationwide.

Shareef further expressed gratitude to President Dr Mohamed Muizzu, stating that the project reflects the Administration’s vision of ensuring access to safe, secure, and affordable housing for all Maldivians. He added that the President’s leadership has placed housing at the forefront of the national agenda, not only as an economic priority but also as a key pillar of social stability and opportunity.