The Maldivian Democratic Party (MDP) has presented mortgage bill to the parliament.
The bill was presented to the parliament by MDP MP for Ihavandhoo constituency Ahmed Abdulla, who said the objective of the bill was to regulate and enhance policies of mortgage transaction.
The bill enables the mortgaging a property for more than one loan, he said.
However, opposition MPs claimed that the bill was drafted in a way that would authorise the government to sell mortgaged properties without going through judicial procedure, and that it would be a threat to opposition politicians.
Leader of the opposition Jumhoory Party (JP) ‘Burma’ Gasim Ibrahim called for the bill to be withdrawn and re-drafted.
Gasim claimed that if the bill is passed the way it was drafted, the banks would sell the properties of citizens which would lead many to live in poverty.
In response, MPs who supported the bill said there was no harm caused to those who are paying loans according to the terms, and that the threat of foreclosure was only there for those were not paying loans.
The preliminary debate on the bill was stopped by the Speaker when the time allocated was up, and will be continued in a subsequent sitting of the parliament.
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