HDFC – Amna
“Amna” is an Arabic word which refers to “security”. Amna is stated in al Quran to connote peaceful, protected and secure.
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.
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 and Mission
The vision and the mission of HDFC Amna are in line with that of HDFC. Hence, the vision is “to provide decent and affordable homes in a safe and healthy environment, and work towards uplifting the living standards of all Maldivians to become the market leader for financial services in the Maldives” by offering Islamic home financing facilities to the population in Maldives.
The mission is “to offer financial and social strength to all Maldivians by providing home loans and other savings and investment products managed professionally and profitably to the highest International Standards, and to the complete satisfaction of all stakeholders” by creating competitive and refined Shari’ah compliant Islamic financial products.