830 SqFt Land Plot in Male' Up for Sale After Loan Default

Maldives Islamic Bank (MIB) has announced the sale of an 830-square-foot land plot in Male' City following a loan default. The land, located in Ma. Kudhimagooge, Nikagasmagu, was put up as collateral for an MVR 2 million loan. The Civil Court permitted its sale after the borrower defaulted. MIB set the minimum bid value at MVR 12,650,000, with the deadline for submissions on January 26th. Bidders can offer additional amounts exceeding the highest bid by at least MVR 500,000. A bid security of MVR 100,000 is required to participate.