Maldives Islamic Bank (MIB) has announced the sale of a house in Malé for the second time.

The starting auction price for this house is MVR 11.6 million.

The house announced for sale in the auction by the bank is Ma. Kudhimagooge. Reopened due to high demand for the property, the house is on a plot of 830 square feet.

Last July, MIB announced the sale of the house for MVR 12 million.

The Civil Court granted permission to MIB to sell the house due to non-payment of a loan taken after mortgaging the property.

MIB stated that the deadline to submit bids to purchase the house is the 12th of this month.

MIB's announcement noted MVR 11.6 million as the starting auction price.

The bank said that among the parties submitting bids up until the expiration date, letters will be opened in the presence of those attending at that time, and the highest price will be announced.

MIB stated that to submit a bid higher than the starting auction price, an incremental increase of at least MVR 500,000 must be offered. To participate in this auction, a bid security of MVR 100,000 must be submitted.

The bank mentioned that information regarding the matter can be clarified by calling MIB or communicating via email at auction@mib.com.mv.