Shari'ah & Governance

Understand the Islamic principles guiding our housing finance solutions and ethical lending practices

HDFC Amna is neither a separate company detached from HDFC nor a subsidiary of HDFC. HDFC Amna is simply and solely an Islamic window of HDFC offering Islamic home financing facilities to the customers under the existing license of HDFC to offer home financing products to Maldivians in an affordable manner.

This Islamic window can be defined as a department of a conventional financial institution offering Islamic financial services. Hence, HDFC Amna will operate as a department of HDFC. HDFC Amna will observe the following standards to achieve Shari’ah compliance:

  1. Complete Segregation of Funds
  2. Shari’ah Supervisory Board (Shari’ah Committee)
  3. Products fully based on Islamic Concepts including the contracts
  4. Management in accordance with Islamic principles

The long-term vision of HDFC is to convert HDFC Amna to a full-fledged company offering Islamic financing facilities.

Pledge

Objectives

The objectives of offering Islamic home financing facilities by setting up HDFC Amna is to confer choice to our customers to choose between Islamic and conventional products and allow them to build their homes on a morally financed manner. It would also allow HDFC to create portfolio diversification in a cost-effective manner.

Vision

Vision

To be a leader in providing housing finance with Islamic values

Mission

Mission

1 - To build a strong and dynamic institution to make a viable alternative to conventional system

2 - To provide quality products and services to the clients with sincerity, honesty and care

3 - To maximize clients’ and shareholders’ value with stable growth

4 - To apply Shariah principles and maintain the highest level of ethical standard and transparency in all business transactions

5 - To provide a congenial work atmosphere to create and attract competent work force; and

6 - To be socially responsible and make effective contribution to national development.

Shari'ah Advisory Committee

History


HDFC-Amna was founded in 2012 to provide Islamic home financing options. At HDFC, customers have the opportunity to select between Islamic and conventional financing products.

Amna Funds are segregated to ensure there is no commingling with sharia noncompliant
funds

  • An Independent Shari’ah Advisory Committee
  • Products are ultimately rooted in Islamic principles, including the terms in the underlying agreements.
  • Ensure that management of funds and related services is offered based on Islamic principles.
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